WASHINGTON (AP) - Treasury Secretary Jacob Lew says the new deadline for Congress to increase the government's borrowing cap has been moved up to about Nov. 5.

WASHINGTON (AP) Treasury Secretary Jacob Lew says the new deadline for Congress to increase the government's borrowing cap has been moved up to about Nov. 5.

That's earlier than previous Treasury estimates and likely means the matter must be resolved before House Speaker John Boehner leaves Congress at the end of October.

Lew says that tax receipts have come in below estimates and payments into military retirement trust funds are higher than anticipated.

Increasing the government's borrowing limit above $18.1 trillion is needed to prevent a first-ever default on government obligations like interest payments and Social Security. The government has never failed to meet its obligations and a first-ever default would likely have severe effects on interest rates and the economy.