Treasury Secretary: Congress must act to raise debt limit

WASHINGTON Tue Aug 27, 2013 7:56am EDT

U.S. Treasury Secretary Jack Lew testifies before a Senate Banking hearing on ''The Financial Stability Oversight Council Annual Report to Congress.'' on Capitol Hill in Washington May 21, 2013. REUTERS/Kevin Lamarque

U.S. Treasury Secretary Jack Lew testifies before a Senate Banking hearing on ''The Financial Stability Oversight Council Annual Report to Congress.'' on Capitol Hill in Washington May 21, 2013.

Credit: Reuters/Kevin Lamarque

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WASHINGTON (Reuters) - Treasury Secretary Jack Lew on Tuesday said it is essential for Congress to raise the statutory borrowing limit this fall so the government can continue to pay its bills on time, and he warned the administration will not allow politicians to use the debt ceiling as political leverage.

"Congress should come back and they should act," Lew said in an interview on CNBC. "The president will not negotiate conditions on the debt limit."

(Reporting By Margaret Chadbourn Editing by W Simon)

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Comments (11)
AZreb wrote:
What the heck – even though I pay off my one credit card fully each month, I think I will call the credit card company and ask it to raise my limit. You know, just in case I decide to go hog-wild and buy a new car for $40,000 or redo my entire home with new furniture, new wood floors, new window treatments – whatever.

Can you imagine the reply? A big NO!!!!

Aug 27, 2013 8:40am EDT  --  Report as abuse
Congress spent the money and now doesn’t want to pay all the bills. Perhaps the congress should be paid of the same rotating payment system.

Aug 27, 2013 9:25am EDT  --  Report as abuse
elsewhere wrote:
The irony of this debate is the American voter can conclude the argument over the debt limit. The irony of that statement is the American voter does not know the effects of current fiscal policy and therefore won’t vote to stop it until it is too late.

Aug 27, 2013 9:49am EDT  --  Report as abuse
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