Government looking at default on debt obligations

WASHINGTON (AP) — A think tanks says the government will likely face an unprecedented default on its debt obligations between mid-October and mid-November, seconding a warning earlier this week from the Treasury. The Bipartisan Policy Center said today that Treasury Secretary Janet Yellen will run out of maneuvering room to avoid hitting the debt limit if Congress does not act, will occur a couple of weeks after the start of the new budget year on Oct. 1. Yellen sent a letter this week to the leaders of Congress, saying that if the government does not act, the U.S. will be unable to avert a default in October.