Economics

The Options to Avert U.S. Default After Third Schumer Try Fails

Republicans vow to block Wednesday attempt at debt limit vote
U.S. Treasury warns it may run out of cash around Oct. 18

Chuck Schumer speaks to members of the media at the U.S. Capitol on Oct. 4,.Photographer: Stefani Reynolds/Bloomberg

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By Mike Dorning, Erik Wasson, and Laura Litvan

October 5, 2021 at 5:09 PM UTC

This article is for subscribers only.

Time is starting to grow short to avert a U.S. debt default.

Senate Democrats’ third attempt to pass legislation to suspend the federal debt ceiling appears poised to fail on Wednesday, with Republican leaders confident they have enough support to deny the majority the 60 votes needed to overcome a filibuster. Meantime, an Oct. 18 deadline is growing closer. That’s the date around when Treasury Secretary Janet Yellen has warned the government could run out of cash to pay bills.