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Boehner immediately challenged Obama’s account of your debt standoff, saying in his own nationally televised speech that there is no stalemate in Congress. 2 deadline when Treasury officials estimate the government will go out of cash to pay its bills. If the Congress hasn’t voted by then to raise the debt limit, currently $14.3 trillion, the federal government will no longer be able to borrow funds to cover its deficit and can have to choose which bills to pay. That could mean that millions of government beneficiaries expecting Social Protection checks, disability payments or salaries will proceed without or get much less than anticipated . The Wall Road Journal: Obama Warns Of Default Risk On Mon, each relative side sought to framework the debate to its advantage. Mr. Through February or March Boehner stated the first rung on the ladder of a debt-ceiling increase would carry the federal government, while imposing spending cuts of $1.2 trillion through a series of budget caps.