Boehner likely to move on debt limit hike before departure

House Speaker John Boehner is signaling that he'll move must-do legislation to increase the government's borrowing cap before he leaves Capitol Hill.

The statutory cap on the government's so-called debt limit needs to be raised by early November, the Congressional Budget Office said Wednesday, confirming a recent warning from the administration.

Boehner's office said the Ohio Republican has made it plain that he wants to "solve some outstanding issues" like the debt limit before he leaves office, though it noted no final decisions have been made.

If the government runs out of cash, it can't pay obligations like interest payments, Medicare payments, and Social Security checks. The government has never defaulted on its obligations and a severe market reaction would be all but certain if it did.