US Congress needs to raise debt limit by late February: Treasury secretary
January 23, 2014 11:06
Treasury Secretary Jacob Lew has warned that the United States could be on path of default if the Congress did not increase the nation's borrowing limit by late February.
In a letter to the Congress, Lew said the treasury would hit the borrowing limit by February 7 and by taking some extraordinary measures, it can avoid default by late February.
The current US debt limit stand at $17.3 trillion. "I respectfully urge the Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before February 7, 2014, and certainly before late February," Lew said in his letter to the top Congressional leadership.
In a letter to the Congress, Lew said the treasury would hit the borrowing limit by February 7 and by taking some extraordinary measures, it can avoid default by late February.
The current US debt limit stand at $17.3 trillion. "I respectfully urge the Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before February 7, 2014, and certainly before late February," Lew said in his letter to the top Congressional leadership.
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