US shutdown continues, economy heading towards unprecedented debt

Washington: US economy is heading towards an unprecedented debt default and the American political deadlock on the budget could have potentially catastrophic global consequences.

Treasury Secretary Jack Lew warned that the budget brinkmanship was ‘playing with fire’ and implored Congress to pass legislation to re-open the government and increase the nation’s USD 16.7 trillion debt limit.

In a series of television appearances, Lew warned that on October 17, he will exhaust the book-keeping manoeuvres, he has been using to keep borrowing.

“I’m telling you that on the 17th, we run out of the ability to borrow and Congress is playing with fire,” Lew said.

The shutdown has left federal employees on unpaid leave and closed national parks, tourist sites, official websites, office buildings and more establishments since last Tuesday.

On Sunday, most of the 4, 00,000 Pentagon staff were ordered to return to work by Defence Secretary Chuck Hagel invoking the Pay Our Military Act.

Congress must act by October 17 in order to avoid a debt default by the US government. The government will run out of cash on that day for the first time in US history unless its debt ceiling is raised.

Republicans who control the House of Representatives have refused to approve the budget, saying that they would only do so if the healthcare programme is delayed or stripped of funding.

Obama and the Democrats have refused, noting the law was passed in 2010, subsequently approved by the Supreme Court and was a central issue in the 2012 election which was won by Obama.
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