Schumer pledges action on lifting debt limit by Dec. 15

Senate Majority Leader Chuck Schumer on Tuesday promised his chamber will take action on raising the federal government's borrowing limit by Dec. 15, which is the date when the Treasury Department has said it could be left with insufficient resources. "We're going by Treasury's guidance. They say right now Dec. 15, so we have to address it by then," the New York Democrat told reporters. The Congressional Budget Office has estimated the Treasury would most likely run out of cash before the end of December if the debt ceiling isn't raised, while the Bipartisan Policy Center has projected that the government is most likely to have insufficient cash to meet all its financial obligations sometime between mid-December and mid-February.