Debt Limit Will Be Reached After Labor Day
Jack Lew urging ceiling to be raised
The government will be able to avoid breaching its borrowing limit until shortly after Labor Day, but that is no excuse for Congress to dawdle when it comes to raising the debt ceiling, Treasury Secretary Jack Lew informed congressional leaders in a letter Friday.
Congress voted earlier this year to temporarily suspend the debt ceiling through May 18, but Lew said that the Treasury Department will begin using accounting maneuvers, or "extraordinary measures," to delay hitting the borrowing limit.
Lew reiterated the administration's position that it will not negotiate over whether to raise the debt ceiling and said Congress should not wait until the last minute to lift the borrowing cap.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?