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Expert Analysis

Don't Conflate Shutdown And Debt Ceiling Challenges

Law360, New York (October 1, 2013, 3:25 PM EDT) -- Appropriations that fund much of the federal government's operations lapsed on Oct. 1, 2013, prompting a government shutdown. Separately, the Secretary of the Treasury has informed Congress that, no later than Oct. 17, 2013, the federal government will exhaust its borrowing capacity under the statutory debt ceiling.[1] Absent intervening legislation, insufficient cash may then remain on hand to meet all of the government's obligations, causing what has been referred to as the "debt ceiling crisis."...

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