This is a repost of a New York Times article reporting on the deadline date when the United States Federal Government runs out of cash unless the “federal debt limitations threshold” is raised. What does this mean for you? It potentially means a step-up in aggressive IRS and non-tax federal debt collections (such as SBA debt, DOE debt, SEC fines, FTC fines, USDA debt etc…).
So, if you have a federal non-tax debt such as back SBA debt, which has been referred to the Treasury Department (DOT) and/or is currently being serviced by the Bureau of Fiscal Service (BFS) – formerly known as the Financial Management Service (FMS), please note that you are subject to two of the harshest collection actions available to the Federal Government – (1) Treasury Offset Program and/or (2) Administrative Wage Garnishment.
If you are struggling with circumstances that involve SBA loan default which has been transferred to the DOT or BFS, you need professional help! Our attorneys all know how to win SBA/ DOT OIC cases. If you contact us, we can help you settle SBA debt once and for all. After you schedule an appointment, you consult with a dedicated DOT / BFS Federal Practitioner who will help you through your federal agency battle. After your claim is resolved, you never again have to worry about your SBA loan default problem haunting you. Our team of DOT / BFS Federal Practitioners has assisted many clients through the years. Now it is your turn! You truly can settle SBA debt for good!
Treasury Puts a Date on When Cash May Run Out: Oct. 17
WASHINGTON — The Treasury has handed Congress an urgent deadline: Oct. 17.
By: Annie Lowrie, NY Times
“On that day, unless Congress were to raise the debt ceiling, the Treasury would have only $30 billion cash on hand, putting the United States on the precipice of an unprecedented default, the department said on Wednesday.
That warning – and the threat of a financial crisis – have become entangled in the budget and financial negotiations on Capitol Hill, where legislators are already engaged in a partisan battle that has led to a budget impasse that could shut down the federal government on Oct. 1.
Separately on Wednesday, the nonpartisan Congressional Budget Office estimated that the Treasury would exhaust all its extraordinary measures and run out of free cash between Oct. 22 and Nov. 1.
In a letter to Speaker John A. Boehner of Ohio, Treasury Secretary Jacob J. Lew urged Congress to raise the debt ceiling in a clean bill and avoid any question of default.
“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,” Mr. Lew said.”