i will tell you this -- >> but who got the interview with jack lew? adam did. >> i just want you to know -- >> when jack lew sees me he holds up crosses and throws garlic in my face. >> you don't know jack, do you? >> what i'm saying the banks have been gearing up for this for a long time. and i would say -- >> they might be gearing up. nothing -- they're gearing up -- >> 2008 -- >> they go down. >> of course but they're doing a pretty good job and maybe -- >> what did you get in there? >> oh, goodness. >> one of these guys like me. what are you trying to say? >> poor charlie. >> he's running out of people on his roll ladeck to talk top. what do you make? >> the technicians on wall street. >> yeah, listen, i have to echo what melissa is saying. i think that they are preparing something big and i n't mow what it is, but i think it would be nuts not to think something consequential is going to happen and soon. >> something cyber consequential. >> yeah. >> we're going to take a quick bra break here and talk about a ve/hate relationship, the forbes gang u

i will tell youhis -- >> but who got the interview with jack lew? ad did. >> i just want you to know -- >> whe jack lew sees me he holds up crosses and throws garlic in my face. >> you don't know jack, dyou? >> what i'm saying the banks have been gearing up for this for a long time. and i would say -- >> they might be gearing up nothing -- they're gearing up -- >> 2008 -- >> ty go down. >> of course but they're doing a pretty good job and maybe -- >> what did you get in there? >> oh, goodness. >> one of these guys like me. what are you trying to say? >> poor charlie. >> he's running out of people on his roll la deck to talk top. what do you make? >> the technicians on wall street. >> yeah, listen, i have to echo what melissa is saying. i think that they are preparing something big and i don't mow what it is, but i think it would be nuts not to think something consequential is going to hppen and soon. >> something cyber consequential. >> yeah. >> we're going to take a quick bra break here and talk about a love/hate relationship, the forbes gang uncov

jack lew saying we're not so sure this is washington theatrics. is this a very serious place to bring the president and the treasury to that. >> it's definitely no joke. trying to rally wall street support, donors to senators who can affect the outcome here. the thing is there are a lot of tea party republicans who don't get much of their support from wall street. this is not necessarily the old republican water where wall street can dictate what they want. >> it's an unruly caucus, as some would say who is taking the faith of the u.s. government right to the edge. >> they're used to this at this stage of the game. it's almost like it's become second nature and we expect that. >> we've seen it twice. we saw it twice. it is dangerous and he's warning. meantime, one stock growing trend going up, you guy, facebook, facebook closed at a record high after a report with china, a government will lift the ban of foreign websites only in the shanghai free trade zone. a big asterisk. and twitter, there are reports it has picked the new york stock exchange o

according to the treasury secretary, jack lew, speaker boehner said, that means we have to get to work and come to a deal to avoid default. he came up with a grab bag of things republicans want to add, including a one-year delay to the president's health care law. jay carney immediately said, again, we're not going to negotiate over that. they are still at a standstill. >> another deadline. ed, thank you. the american dream is many things to many people. so it's not exactly something you could measure, right? well, right until now. james rosen takes us through it tonight. >> bret, good evening. to so many of us, it seems as though the american dream, that loosely defined ideal, is now slipping away. a research team at xavier university has developed something called the american dream composite index, a monthly survey of 1,000 americans that measures people's aspirations and feelings about economic conditions, their own well being, the institutions around them and other factors. so the numbers from august found xavier's american dream index scoring just under 65. it's a rating for the

i was with jack lew's speech today at the economic club in washington. his message repeated over and over again. falling on the national debt of this country is not an option. it's just going to cause economic horror. >> i know that's his message and the problem, the message disconnect is for a lot of these conservative republicans, the ones that want to use the debt ceiling as leverage, the ones that want to go after the health care law, use both the budget resolution and the debt ceiling to do this, there is not a political penalty for them in their districts for doing this. in fact, there is a political penalty if they don't. if they don't seem, if they seem to be capitulating to the elites or to the establishment or just assuming that, well, because jack lew says it's so it's so. >> where are the cataclysms and markets dropping in tokyo because we can't pay our debts anymore? >> for some of those folks, it may take the actual market to use -- to use the markets as a sledgehammer for boehner to finally find the votes in the house republican conference

the jack lew's? >> i want to get the congressman's views before we bring you in david. you're saying that the president has to do what? >> the president needs to be financially responsible. i will vote to raise the debt ceiling if the president will start addressing the underlying cause of the problem, which is our deficit. >> that's not what you guys are saying. >> the deficits are going down. >> excuse me, david. just a minute here. i want to get his view. i thought you guys were saying if the president doesn't dough lay or kill obamacare. the affordable care act. isn't that what you're demanding as a price for raising the debt ceiling? >> i'm not. i've never said that. >> you're not demanding that. >> i've never said that, now i will support a continuing resolution, and i will support a bill at the same time that kills obamacare because i think obamacare is that dangerous to our financial situation. >> what did i just hear you say? >> there in are other circumstances i would vote for a continuing resolution. it's not limited to obamacare. although that's one of the t

jack lew has called it the day of reckoning, october 17th, is when the u.s. treasury runs low enough that it can't be assured of its ability to meet demands, it can't be sure. not even the treasury knows what day it will be when the numbers head into the red. that moment when the united states government, is for the first time in its history, not good for its chit. only a nutcase would take the risk. and as the days pass between now and the 17th of october, we will know who they are. that's "hardball" for now. thanks for being with us. "all in with chris hayes" starts right now. >>> good evening from new york. i'm chris hayes. and at this hour, house republicans have projected a short-term spending plan that would have averted a government shutdown. the plan was expected to be pass by the senate, and now a shutdown appears more likely. and all this, all this as republicans are already gearing up for the next self-made crisis. this one, far more dangerous. >> welcome back to squawk on the street. i'm eamon javers in washington, where we've got a new letter now

jack lew said the government will lose its credit limit unless congress votes to raise the debt ceiling. >>> a mixture of sunshine and clouds. it looks good, even seeing nice colors. the only issue is a few clouds and it's mostly to the east. some of the clouds will drift in. temperatures held down at 70, 76 in the city. a lot of sunshine, especially toward frederick county. temperature around 64. no advisories on the bai. the water temperature sits at 72 degrees. tomorrow 57 will turn into 66 by lunchtime. we go to maryland's most powerful radar. one system doesn't look like much but it will turn into an ocean storm. we'll talk about that. that's coming up in just a bit. >> a convicted rapist is a free man, released from prison after serving a one-month sen tension. the decision has outrage and protest. >> reporter: stacy ramble is a free man. he walked out of jail after serving just one month behind bars, the sentence handed down has led to activists demanding that the judge be thrown from the bench. >> if we can't get him removed for this, something is wrong with the system. >> repor

the jack lew's? >> i want to get the congressman's views before we bring you in david. you're saying that the president has to do what? >> the president needs to be financially responsible. i will vote to raise the debt ceiling if the president will start addressing the underlying cause of the problem, which is our deficit. >> that's not what you guys are saying. >> the deficits are going down. >> excuse me, david. just a minute here. i want to get his view. i thought you guys were saying if the president doesn't dough lay or kill obamacare. the affordable care act. isn't that what you're demanding as a price for raising the debt ceiling? >> i'm not. i've never said that. >> you're not demanding that. >> i've never said that, now i will support a continuing resolution, and i will support a bill at the same time that kills obamacare because i think obamacare is that dang trous our financial situation. >> what did i just hear you say? >> there in are other circumstances i would vote for a continuing resolution. it's not limited to obamacare. although that's one of the thi

that's when jack lew says the government won't have enough money to pay its bills unless congress increases the nation's borrowing limit. and a failure to reach agreement could send shock waves through the financial markets. >> no one knows what could happen. >> reporter: the debt element now stands at $16.7 trillion, that may sound like a lot but the government needs to borrow even more money to keep up with its spending obligations. the u.s. treasury has enacted emergency programs to thing keeps running. >> right now you can't move forward because no one can agree on the goals. >> reporter: bridging the debt ceiling could make it difficult for the go to pay for social security, medicare, and military bills due in november. also in limbo, payment on u.s. treasuries. >> failure to raise that ceiling like we have at every point over the past 100 years, could because a huge problem. the 2011 debt ceiling crisis where the debt ceiling was not breached is estimated to v cost the federal government $1.3 billion in fiscal year 2011. >> reporter: back then congressman aged to raise the debt level

the debt ceiling, though, as jack lew is making clear, cannot be finessed. there are real world consequences, some of which cannot be anticipated involving the reaction of markets, both here and abroad. so i think it's bad for the country to have to go through the side show. it's also bad for the republicans. again, no one can tell you how this is going to end. i suspect there will be solutions, but when the time comes to make a deal, republicans are a lot weaker now despite ted cruz standing on principle and doing what he believes in than they were 24 hours ago. >> and you've also had the clintons, you know, on center stage with the president yesterday. hillary clinton in particular. take a look at hillary at the clinton global initiative. >> they're both left-handed. they both love golf, a game that does not often reciprocate the love they put into it. they both are master politicians. they have fabulous daughters. they each married far above themselves. >> as a long-time hillary watcher, mark, she is in a zone right now. >> just a couple blocks from here

that's when jack lew says the government won't have enough money to pay its bills unless congress increases the nation's borrowing limit. and failure to reach an agreement could send shock waves through the markets. the debt limit now stands at $16.7 trillion. that may sound like a lot, but the government needs to borrow even more money to keep up with its spending obligations. the u.s. treasury has enacted emergency funding plans to help washington move forward. bridging the debt ceiling could make it difficult for the government to pay about $55 billion worth of social security, medicare, and military bills due in november. also in limbo, interest payments on u.s. treasuries. failure to raise that ceiling as we have basically at every point over the last 100 years, would send a very negative signal that could harm the standing of u.s. federal debt. >> reporter: even the hint the government might be running out of cash could have catastrophic consequences. >> the 2011 crisis is estimated to have cost the economy tremendously. >> reporter: they reached a deal at the 11th hour, but that stil

at the same time, treasury secretary jack lew says the u.s. could have less than $50 billion of cash on hand when the government hits the ceiling in october. joining us for the last -- for the rest of the show today, frederick nebran. good to see you. >> thank you. >> how much of a risk is not necessarily the budget, but the debt ceiling discussions for investors? >> i think it's a concern. and it's going to be an ongoing concern given the political statements that we're getting out of both parties that they don't seem to be willing to reach some type of agreement that we've seen in the past. so when we saw this in 2011, they went in and had discussions. they don't really seem to be having today. and they went in under the premise that they were going to try to cut costs. i don't think there is any debate at this point going on and given how short of a time we have going up into this and, of course, with the lower cash position on the federal government, it is a source of concern. >> the history of this has always been at the end of the day, a

jack lew today in the journal basically saying, look, this country runs out of money in three weeks. what is it going to look like when the military wife doesn't get that check, when the senior citizen doesn't get that social security check in three weeks? >> there's so many things that have to happen between now and then. the first thing we have to deal with is whether the government will be funded after monday. i think the odds are rising that we will have a shutdown of at least a few days. i don't think that'll have an impact on the market. they've seen lots of these things in the past. they always get fixed. the debt ceiling as you're hinting at, that's the biggy. if we get to the deal ceiling and there isn't a deal to raise it they will have to start by stopping payments on pension checks, so on. we haven't gone over that cliff in the past. i think the risk of an accident where, for example, the treasury is unable to roll over treasury bi bills or short term bonds one day, that goes up as well. that would be catastrophic. >> mandy, what's extraordinary, the fact that the markets

later, jack lew discusses fiscal challenges facing the white house and congress. onwsmakers" >> this week represents the first district and chairman of the republican study committee. welcome. two reporters with us. jake sherman of "politico" and paul kane of "the washington post." just saw you passed a resolution to keep the government open until mid- december. you have this language stripping obamacare funding. even ted cruz has admitted that when it goes to the senate harry reid has the votes and is probably going to be a post to -- be able to strip it and send it back to the house. you have 48 hours or so to decide what to do next. what do you do next? >> the first thing we do is pass a bill over to the senate that keep government funded while also defending the president's health care law along with the full faith and credit act to ensure the fault is not an option for a nations debt. is not an option for a nation's debt. if you look at all of the problems that we hear across the country about the president's health care law, this is an unworkable bill. it is

late tuesday, treasury secretary jack lew warned reporters congress also has a lot of work to do on keeping the u.s. from hitting the debt ceiling... and there's not enough activity going on. higher interst rates seem to finally be impacting the rise in home prices. according to the latest case shiller numbers -- july saw home prices rise 1.8%, that's down from 2.2% in june. of the 20 cities that case shiller tracks, 15 of them saw slower growth. home builders also offer clues to the health of the housing recovery and those numbers are stronger. kb home shares were up 4% yesterday as were lennar shares. wells fargo lost its fight to have mortgage fraud case dismissed. it reportedly paves the way for the department of justice to pursue all federal claims against the bank. wells is the largest mortgage lender in the nation and is accused of lying to the government about the quality of its home loans. the bank did not comment. meanwhile-- bank of america, jpmorgan chase and wells fargo topped the pledge to help struggling home owners in california. the la times reports-- the banks reduced the

by the way, treasury secretary jack lew now says the government will definitely run out of money on october 17. >>> and what about obama care premiums? today the administration said their cost would fall 16% below projections. but our expert says those costs are going to blow sky-high and double for most states in the union. all those stories and more coming up on "the kudlow report" beginning right now. >>> good evening, everyone. i'm larry kudlow. this is "the kudlow report." we are live here at 7:00 p.m. eastern and 4:00 p.m. pacific. and right now this is the top story. after 21 hours on the senate floor, texas senator ted cruz wrapped up his brave and courageous obama care filibuster today. that said, the debate and the political standoffs are far from over. the real voting is about to begin. cnbc's chief washington correspondent john harwood joins us now with all the details. good evening, john. >> good evening, larry. we had an unusual end to that filibuster which you called brave and courageous. 100 people voted against it, including ted cruz himself. it became so unpopular by the e

we heard from jack lew that we will reach the debt limit sometime in mid october. there has been some speculation that lawmakers would work on a compromise that would extend that to mid december. are you hearing? >> we have something to do. if we cannot walk and chew gum on syria, the republicans better learn very quickly that we've got more than just chewing gum to do. the future of our military, how we treat our veterans, what we do with our seniors on social security, how we do it our schools depends on the congress acting on the budget and on the issue of paying for the debt. republican to democrat alike as that the congress and the government undertake. these are not debt obligations that republicans were oblivious to or had no role in incurring. now that we have to pay them, everyone must get to the plate. when it comes to keeping the government from shutting down i hope those republicans will keep talking about shutting down government to make their social agenda clear when not followed through. we need to do the work of the people. get things done whether i

on the money," we know now exactly when the united states will run out of money, treasury secretary jack lew sent a letter saying the treasury will have $30 billion less by october 17th, unless the debt ceiling is extended the government won't be able to b e borrow anymore money and pay its bills, that has congress cautious. >> we see some opportunities, but also some challenges, you know what is going on at the fed. you also know what is going on at the debt ceiling. the impact, in terms of even orders coming out of federal being a little more challenging for some of the computer companies. and the retail sales, so most of my ceo counterparts and industry experts are a little more cautious. >> meanwhile, the dow and s&p broke a five-day losing streak after concerns about what will happen in washington. >>> nike, one of the three new dow components reported earnings beating analysts' expectations, blackberry going private maybe, they are considering a bid by fairfax capital. the company announced 4500 layoffs and a loss of a billion in the second quarter. >>> well, fall has arrived and s

we heard from jack lew that we will reach the debt limit sometime in mid october. there has been some speculation that lawmakers would work on a compromise that would extend that to mid december. are you hearing? >> we have something to do. if we cannot walk and chew gum on syria, the republicans better learn very quickly that we've got more than just chewing gum to do. of our military, how we treat our veterans, what we do with our seniors on social security, how we do it our the congressds on acting on the budget and on the issue of paying for the debt. republican to democrat alike as that the congress and the government undertake. these are not dead obligations that republicans were oblivious to or had no role in in curring. now that we have to pay them, everyone must get to the plate. to keeping the government from shutting down i hope those republicans will keep talking about shutting down government to make their social agenda clear when not followed through. we need to do the work of the people. get things done whether it is serious, the budget, or immigrati

treasury secretary jack lew warns congress not to wait until the last minute to take action... because it could have a dire effect if congress fails to raise the debt ceiling in time. he says if u.s. can't pay its bills it will be devastating to the economy. president obama has said he won't negotiate. republicans want to try raising the limit to eliminate social programs. this afternoon the federal reserve is likely to reveal some form of tapering on it's bond buying program that has been stimulating the economy.. eric lascelles-- chief economist with rbc global asset management is on set with us this morning. and will tapering hurt the economy eric? > >well, i think it already is hurting the economy. it hasn't started yet but the market's expected it. you might have noticed interest rates and borrowing costs have already risen in a big way and so we do see some effects. we see for instance mortgage refinancing down 70% from when the taper talks started. so there are some hits. i don't think its quite enough though to derail this recovery. the recovery continues just not quite

. >>> another warning to congress from the treasury secretary, jack lew, telling congress waiting until the last minute to raise the debt ceiling could cause harm to the economy. >> if congress doesn't act and the u.s. suddenly can't pay its bills, the repercussions could be serious. the impact on families and businesses could be significant. investors losing confidence in full faith and credit of the united states could cause damage to our economy. >> the treasury is slated to hit the borrowing limit of $16.7 trillion about a month from now, mid october. >>> between tackling the next debt ceiling deadline and the budget deal, congress has a lot on its plate that directly impacts the economy, the stock market, and your investment. the big question is are lawmakers ready to work with president obama and can they really get any of these deals done. john harway joins us from washington. where do things currently stand? >> reporter: pretty bleak now, sue. there's still time for the house and senate to strike a deal on extending government funding that runs out on september 30th, but there's

secretary jack lew wrote, speaker john boehner, urging him to raise the ceiling or risk defaulting on obligations on october the 17th. the national review online reports the house gop's wide ranging plan to deal with it would suspend the debt limit until the end of december 2014, delay the implementation of obama care by a year and lay out tax reform instructions based on paul ryan's plan and push republican energy initiatives including the keystone pipeline, coal regulations and justify shore drilling regulations and scale back health spending programs. let's turn to state politics where the virginia gubernatorial candidates squaring off for the first time in a prime time debate. ku cucinelli and mcauliffe had a debate. >> he's pushed personhood legislation which would outlaw most forms of contraception, make the pill illegal in virginia. women are 50% of the workforce in the united states of america. you cannot grow an economy by putting walls up around virginia. >> the comparison here is someone who has told "the new york times" you help me, i help you, that's politics. talking abo

treasury secretary jack lew also weighed in on the debt celing debate yesterday, telling congress that the country will cease being able to pay its bills on october 17th previously, lew had been vague about a specific date. house republicans are attempting to tie several party agenda items to the debt-celing vote including implementation of the keystone x-l pipeline and the roll back of many federal regulations. the price of a stamp is poised to go up 3 cents in january. in a controversial move-- the cash strapped postal service-- plans to hike the price to 49 cents to raise $2 billion dollars. the proposal needs the approval of postal regulators. usps lost $16 billion dollars last year and predicts a $6 billion dollar loss this year as it funds future health care benefits for retirees. postal officials have been calling on congress to change the pre- funding rule. several analysts are calling for a j-c penney death watch. the troubled retailer saw a dramatic drop in the value of its stock yesterday-- at one point hitting a 13-year low, dipping below 10- dollars a share. after a less t

last week treasury secretary jack lew told congress the government would run out of cash in mid october. republicans say they won't raise the debt limit unless the president accepts additional budget cuts. lew says the president has already offered plenty of cuts and will not bargain on making more. congress and the white house also have to come to terms on a new spending bill to keep the government running past the end of this month. china's bank loan programs are backfiring. banks expanded credit programs and relaxed lending rules to boost the economy.but some industries overused their credit capacity, and attracted consumers with bad credit histories, or no credit history at all. china construction bank claims that 2.33% of its loans went without payment by the end of june.that's up from 1.97% six months earlier. china's showing its appetite for oil - and technology. chinese petroleum company sinopec signed a 3 billion dollar deal with egyption company apache.sinopec has been looking to refocus on north american on-shore holdings, which it believes are more predictable and consistent

lew. he says that the government actually has less cash on hand than expected, making congressional approval to raise the borrowing limit even more critical. the nation's debt ceiling is expected to be reached by mid october. >>> shareholders of smith field foods have approved a deal to sell the biggest pork producer to a chinese company. the $4.7 billion acquisition by shonguai will become the largest takeover or a u.s. company by n chinese firm. >>> a new report from research firm idc predicts that china, already the world's biggest smartphone market, could see shipments of more than 450 million devices next year. that's about 25% more than this year. part of the reason? china mobile, the world's biggest wireless carrier, is expected to carry apple's iphones by next year. >>> with all those mobile devices in china, changes to a ban on some internet sites were bound to happen. now a hong kong newspaper reports that facebook, twitter and other web sites that are currently blocked by the ch

lew. he says that the government actually has less cash on hand than expected, making congressional approval to raise the borrowing limit even more critical. the nation's debt ceiling is expected to be reached by mid october. >>> shareholders of smith field foods have approved a deal to sell the biggest pork producer to a chinese company. the $4.7 billion acquisition by shonguai will become the largest takeover or a u.s. company by n chinese firm. >>> a new report from research firm idc predicts that china, already the world's biggest smartphone market, could see shipments of more than 450 million devices next year. that's about 25% more than this year. part of the reason? china mobile, the world's biggest wireless carrier, is expected to carry apple's iphones by next year. >>> with all those mobile devices in china, changes to a ban on some internet sites were bound to happen. now a hong kong newspaper web sites that are k, twitter currently blocked by the chinese government will be opene

very honored today to have as our special guest, jack lew. he has come to this job with more experience in government than anybody else was ever served as secretary treasury. in the obama administration he started out as secretary secretary state of management resources come of them became director of the office management budget before coming secretary of treasury. in the clinton administration, he served as director of the office of management and budget. he also had experience in the legislative branch and served for eight years on capitol hill, working for tip o'neill. extensivealso has experience in the private sector. lawyer who practice law in washington for a number of years before going into government. he is a graduate of harvard college, and georgetown law school. it is my pleasure to introduce the 76th secretary treasury, jack lew. [applause] >> thank you, david for that kind introduction. thank you for having me here this morning. i want to begin by joining all americans in saying that our thoughts and prayers are with those who

treasury secretary jack lew wants congressional leaders the new debt limit deadline is october 17th. less than $30 billion on hand to hit the nation's built. in a letter sent to congress peer the immediate action, raise the debt limit, give me a blank check. that is what the president wants. back in a moment. stuart: j.c. penney shares hitting new lows. nicole: it is broken down below $10. at one point at nine dollars and $0.93 a share down 14% today, 20% this week and these are the lowest levels we have seen in 12 years. j.c. penney shareholder not happy. stuart: i am not surprised. at one point it was not intended as bounced back a little bit. thanks very much. we have been saying tech rules in part because it allows you to spend money much more easily. how much? listen to this. smart phones expected to influence $66 billion of holiday spending this year. let's straighten this out. you are saying an extra $66 billion worth of commerce will flow through smart phones this holiday season? >> right. that makes sense. if you look that last year, 2011 compared to 2012. we don't have the

lew sent a letter to congress today warning the treasury now estimates that were extraordinary measures will be exhausted no waiter then october seventeenth this brings the possibility of a debt default closer as well but government shutdown does occur essential services such as national security law enforcement an air traffic control will continue military benefits checks will still be mailed out as well as other means the postal service will still be in service in the case of the debt limit is not raised the united states would not to be able to meet all of its obligations this does not necessarily mean we would automatically default on the debt though you would think washington complete shambles but it's a lot of pomp and circumstance too in washington d.c. a parian boring r.t. . this was thirty eight year old marlon brown he was killed last may when a police officer in florida ran into brown with his police car. as you'll see in this footage showing the incident brown was pulled over for not wearing a seatbelt he fled from officers and that's when delay and police officer james harr

lew sent a letter to congress today warning the treasury now estimates that were extraordinary measures will be exhausted no waiter then october seventeenth this brings the possibility of a debt default closer as well but government shutdown does occur essential services such as national security law enforcement an air traffic control will continue military benefits checks will still be mailed out as well as other means the postal service will still be in service in the case of the debt limit has not raised the united states would not to be able to meet all of its obligations this does not necessarily mean we would automatically default on the debt though you would think washington complete shambles but it's a lot of pomp and circumstance too in washington d.c. a parian boring r.t. and by the way the final vote in the senate to move forward with debate the vote that senator cruz was speaking out against was one hundred to zero a yes vote from all of the senate including mr green eggs and ham himself senator ted cruz and we now go down to florida and the story of this man thirty eight ye

lew explains what extraordinary measures he's utilizing the government securities investment fund or the g. fund is a retirement account for federal employees it contains about forty percent of all thrift savings plans balances there are four point six million civil employees and uniformed service members who have t.s.p. retirement accounts and congress has granted the treasury the statutory authority to suspend reinvestment of all or part of the balance of the g. fund and other words the treasury is borrowing from the retirement accounts of servicemen and women however in that same letter it also states that after the debt limit impasse have ended the g. fund it's made whole congress has the full authority to raise the debt ceiling and they've done so seventy eight times since nine hundred sixty but since two thousand and eleven the issue has become much more politically difficult congress is not obligated to raise the debt ceiling and if they don't with these funds be paid back this is one example of extraordinary measures the treasury is using to continue to fund the government af

76th secretary of treasury, jack lew. [applause] >> thank you david for that very kind introduction and thank you to the economic club for having me here this morning. i want to begin by joining all americans in saying that our thoughts and prayers are with those who are affected by yesterday's tragedy at the washington navy yard. to those who lost a loved one i offer my deep condolences and extend my gratitude to the local authorities that rule enforcement and medical teams who responded so quickly and skillfully to the offense as they unfolded yesterday. now i would like to start by talking about current economic conditions and challenges. i would also like to speak about what's at stake for our economy over the next few weeks. as we meet here this morning it's important to remember that five years ago this month our financial system is in the throes of the devastating crisis the crisis expose fundamental weaknesses in our economy and it helped trigger the worst recession since the great depression. in the months before

expected to bring up a separate bill to encrease the government's borrowing limit treasury secretary jack lew sent a letter to congress today a warning the treasury now estimates that were extraordinary measures will be exhausted no later than october seventeenth this brings the possibility of a debt default closer as well the government shutdown does occur essential services such as national security law enforcement and air traffic control will continue manchuria benefits checks will still be mailed out as well as other means the postal service will still be in service in the case of the debt limit is not raised the united states would not be able to meet all of its obligations as does not necessarily mean we would automatically default on the debt though you would think washington complete shambles but it's a lot of pomp and circumstance too and washington d.c. perry and boring party. we now go down to florida in the story of this man thirty eight year old marlon brown he was killed last may when a police officer in florida ran into brown with his police car. as you'll see in this dash

lew. a integral part of what was the administration's 12 month stonewall, dodging questions about the president on the night of the attack, and finally president obama himself, rewarded with a second term, despite obvious failures of his white house during the attack, now one year afterwards, he has succeeded in doing absolutely nothing about benghazi. his administration continues to stonewall, the state department refuses to hold anyone accountable but his administration has allegedly retaliated against one of those who testified against the administration in congressional hearings. and tonight, on the eve of that attack a year ago, a report in washington times, citing top u.s. officials who say that government agents did warn president obama last year in the campaign, that al qaeda was expanding. not being decimated. but the president continued to insist on the campaign trail that al qaeda was on the run, its leadership, that's right, decimated. president obama now is paying a political

treasury secretary jack lew just sent a letter to congress, telling them that the government will run out of money on october 17th. congress is like, "then why didn't you just send an e-mail instead of buying those expensive new stamps?" [ laughter and applause ] they're so much more. e-mail me! everyone's still talking about the new iphone too, that came out. anyone get the new one? anyone get one? [ cheers ] five or six people. yeah. did you get the new gold one? no, yeah. apple just announced they're sold out. sold out of the new gold iphone. won't be available again until october. people are like, "what are we going to do now?" apple's like, "wait five days?" [ laughter ] october's like, yeah, like next week. i saw this weird clip on my buddy's show. queen latifah's got a new talk show. it's great, by the way. [ applause ] she was on -- sure, give it up. we love her. [ applause ] so she's interviewing dr. phil. and they're talking. and dr. phil's trying to warn teenagers about "what they put online." [ laughter ] and he made up an example about -- [ as dr. phil ] "what could happe

jack lew said building has until october 17th to pizza the nation's bor oegs limit. at that point the u.s. will only have $30 billion to meet commitments, far less than previously thought. president obama is scheduled to meet with secretary lew at white house this afternoon. right now a group of low wage federal workers are rallying for better pay. it's happening at freedom plaza. tony is live there in northwest d.c. with their demands. tony? >> good morning. the accountability act taking wage from 8:25 to 12:50. the workers decide to form up and they are going to rally to the white house and take 250,000 signatures to the white house and deliver them in hopes that president obama will overturn. a spokesperson for one of the organizations, robert, you are a hardworking family guy and work at union yon station every day. how hard is it to provide as a family man in d.c.? >> extremely hard. i can't take care of the basic bills because i make minimum wage. it's hard to take care of my son and give him the basic thing like diapers, food, milk. i'm not making enough to su