U.S Finance Minister Jacob Liu warned that United States may be bankrupted by 17 October, if congress won't approve urgently to raise the ceiling of government debt.
The minister said in his letter to members of the U.S. Congress, which was published Wednesday that "if the government fails to pay its bills, the result will be a catastrophe."
Liu explained that after three weeks, U.S. Treasury will have only $ 30 billion in free funds, while Washington others financial obligations might be more than twice in that period.
The minister called on Congress to raise the government's debt ceiling that was allotted last May at the level of 16.7 trillion dollars, saying that Barack Obama's administration doesn’t intend to engage in bargaining with Congress in this regard.
Liu pointed out that United States in recent months have taken exceptional measures to repay its debt obligations, in order to avoid bankruptcy.