Contrary to widespread perception, Thursday, Oct. 17, is not a hard deadline for raising the debt ceiling. The U.S. will not default on Treasury debt or any other obligations on Thursday.

Instead, it’s the day that Treasury Secretary Jack Lew has said he will exhaust his ability to borrow by using “extraordinary measures” to free up space under the debt ceiling. Lew has been using up his options since the public debt hit the $16.7 trillion limit in May.