Saturday 25th January 2014,

Congress must raise debt cap by late-February: Treasury

Reporters365 January 22, 2014 No Comments

 The US Treasury said Wednesday that it would run out of money by late February if Congress does not increase the country’s borrowing limit.
“I respectfully urge 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,” Treasury Secretary Jacob Lew said in a letter to Congress.
Lew said the agency can take “extraordinary measures” in managing its finances to keep funding the government after the debt cap is reached on February 7.
But such measures would only give it flexibility to meet all of the country’s obligations through late February.

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