Treasury: U.S. will be on the verge of default Oct. 17

Unless Congress raises the debt limit, the U.S. government will be on the verge of default with $30 billion cash on hand Oct. 17, the Treasury Department said. "The president remains willing to negotiate over the future direction of fiscal policy, but he will not negotiate over whether the United States will pay its bills for past commitments," Treasury Secretary Jack Lew wrote in a letter to House Speaker John Boehner, R-Ohio. In a separate report, the nonpartisan Congressional Budget Office projected that the U.S. will completely run out of money between Oct. 22 and Nov. 1.

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