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Lew rules out letting Congress extract 'unacceptable' policies to lift U.S. debt limit
Source: Reuters
US | Thu Oct 8, 2015 5:11am EDT
Lew rules out letting Congress extract 'unacceptable' policies to lift U.S. debt limit
WASHINGTON
U.S. Treasury Secretary Jack Lew urged Congress to act soon to raise the debt limit but said the Obama administration would not let lawmakers use the pending deadline to extract "unacceptable" policy commitments.
Lew noted in an interview on National Public Radio airing on Thursday that he notified congressional leaders last week that the federal government would hit its legal debt limit around Nov. 5 and had indicated in the letter "it could even be a little sooner than that."
"So they only have a few weeks," Lew said of the Republican-controlled Congress. "They need to act. The sooner they act, the better."
The federal government is currently scraping just under its $18 trillion legal debt cap, with political wrangling over fiscal policy putting Washington at risk of not being able to pay its bills.
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Lew rules out letting Congress extract 'unacceptable' policies to lift U.S. debt limit
WASHINGTON
U.S. Treasury Secretary Jack Lew urged Congress to act soon to raise the debt limit but said the Obama administration would not let lawmakers use the pending deadline to extract "unacceptable" policy commitments.
Lew noted in an interview on National Public Radio airing on Thursday that he notified congressional leaders last week that the federal government would hit its legal debt limit around Nov. 5 and had indicated in the letter "it could even be a little sooner than that."
"So they only have a few weeks," Lew said of the Republican-controlled Congress. "They need to act. The sooner they act, the better."
The federal government is currently scraping just under its $18 trillion legal debt cap, with political wrangling over fiscal policy putting Washington at risk of not being able to pay its bills.
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Read more: http://www.reuters.com/article/2015/10/08/us-usa-fiscal-jacklew-idUSKCN0S20ZD20151008