The Nation - News from Oct. 23, 1985
Treasury Secretary James A. Baker III warned that if Congress fails to lift the debt ceiling by Nov. 4, the government will have to juggle Social Security assets to pay recipients, and further delay could cause default. Baker, in a letter to the House Ways and Means Committee, said default would loom Nov. 15 without action. Action on the borrowing ceiling increase from $1.8 trillion to $2 trillion is being held up by a balanced budget proposal the Senate attached to the bill.
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