Answers to Your Debt Limit and Default Questions

The nation reaches its debt ceiling on Oct. 17.

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The Fiscal Cliff - Congress passed a bipartisan budget bill at the end of 2013 with little fanfare, but don't expect the spirit of cooperation to extend to raising the nation's debt ceiling. Obama and Democrats say they will not negotiate over this issue and Republicans are unlikely to want to raise the debt limit without offsetting at least some of the cost.   (Photo: Andrew Burton/Getty Images)
Tick Tock - Treasury Secretary Jack Lew in a letter to House Speaker John Boehner said that the nation's debt limit will be reached "no later than Oct. 17," leaving approximately $30 billion to pay the bills. “If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” Lew wrote.   (Photo: Alex Wong/Getty Images)Q. What Will Happen After Oct. 17? - A. The government could pay all its bills for a few days, according to the nonpartisan Congressional Budget Office. However, sometime between Oct. 22 and Oct. 31, the $30 billion would run out. The date isn't exact because it's impossible to foresee precisely how much revenue the government will receive and when.(Photo: Andrew H. Walker/Getty Images)

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Debt Ceiling Dilemma - With the debt ceiling countdown nearing closer to the Oct. 17 deadline, the nation wonders if Congress will come to an agreement to raise the limit on federal borrowing soon. If the deadline is not reached, then America could, for the first time in history, default on legal obligations. Associated Press and BET.com answers questions the nation wants to know about the possible financial crisis. — Associated Press and Dominique Zonyéé (J. Scott Applewhite/AP Photo)

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