Treasury Secretary Jack Lew told Congress that the debt ceiling needs to be raised by the 27th or our economy will face major issues. Lew estimates that by then the treasury will run out of special accounting maneuvers to ensure that all the country's bills are paid in full and on time. The obligations that Treasury must pay include everything from issuing Social Security checks to paying government contractors to making payroll for federal workers and military personnel. After the 27th, if Congress still hasn't raised or suspended the nation's debt ceiling, Treasury would only be able to pay incoming bills with the cash it has on hand plus whatever revenue comes in on a daily basis. Lew suggests "I respectfully urge Congress to move as quickly as possible, raise the debt limit, and provide certainty to the economy and to the financial markets." Although a debt suspension doesn't actually raise the debt ceiling, it would allow for us to keep borrowing and able to pay our country's bills on time.
http://money.cnn.com/2014/02/07/news/economy/debt-ceiling-reached/index.html
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