Government Shutdown: Treasury Department Won't be Able to Cover Country's Bills

Published 10/11 2013 02:28PM

Updated 10/11 2013 02:41PM

The Treasury Department says 1 week from now, they won't be able to cover the country's bills.  That's in the midst of a partial Government Shutdown and a major debate about the nation's spending and debt.

House Republicans headed to the White House Thursday afternoon with a proposal for a temporary deal to raise the debt ceiling.  A meeting between President Obama, Vice President Biden and the House Republican Leadership offered hope that a short-term deal to raise the debt ceiling would soon be reached.

House Speaker John Boehner left the White House and returned to the Capitol without speaking to reporters, even though Majority Leader Eric Cantor described the meeting as positive.

"We had a very useful meeting.  It was very clarifying I think for both sides as to where we are, and the takeaway from the meeting was that our teams are going to be talking further tonight."

Both sides seemed to indicate earlier Thursday that they were open to a temporary deal.

"What we want to do is offer the President today the ability to move, temporary increase in the debt ceiling, an agreement to go to conference on the budget."

Republicans said their plan would raise the debt ceiling for 6 weeks until November 22nd.  The White House responded positively.

"If they were to send them a clean debt ceiling extension, no partisan strings attached, he would sign it.  We don't know that's what we're going to get here."

The markets had spiked on news of the potential for an agreement that could help avoid what many economists describe as a nightmare scenario, a US default.

Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.