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time is running out to avert a government shutdown and u.s debt crisis without a funding agreement the government will shut down at midnight thursday that could mean thousands of federal workers get furloughed and the treasury secretary says the government wont be able to pay its bills unless congress raises the debt limit by october 18th a scenario she calls catastrophic as nearly 50 million americans would not receive social security payments it would be disastrous for the american economy for global financial markets and for millions of families and workers whose financial security would be jeopardized by delayed payments republicans say theyre not going to provide the votes to raise the limit and they insist democrats include a debt ceiling hike as part of their 3.5 trillion dollar budget bill democrats are still trying to iron out their differences over that bill