What’s the Debt Ceiling and Will the U.S. Raise It?

Treasury Secretary Janet Yellen has urged Congress to increase the debt limit as soon as possible, warning that her department otherwise will effectively run out of cash around Oct. 18. For now, she continues to employ a toolbox of special measures, such as withholding regularly scheduled contributions to a federal employee retirement fund and using that money to keep paying debts. Once those are exhausted, the options get more dire, potentially leading to a partial government shutdown or delays in some government payments.