Treasury Secretary Wants Congress to Hike Debt Limit ASAP

Hemera/Thinkstock(WASHINGTON) — Jacob Lew, the secretary of the Treasury, has sent a letter to House Speaker John Boehner requesting Congress increase the debt limit “as soon as possible.”

Congress passed the Temporary Debt Limit Extension Act, suspending the statutory debt limit through March 15. Lew warns that beginning on Monday, March 16, the outstanding debt of the United States will be at the statutory limit, and he’ll have to take “extraordinary measures” to finance the government on a temporary basis.

“Only Congress is empowered to increase the nation’s borrowing authority, and I hope that Congress will address this matter without controversy or brinksmanship,” Lew writes. “Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible.”

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