Treasury Secretary Jack Lew said the federal government should hit
the ceiling by the end of February unless Washington raises the
nation's limit on public borrowing.
The federal government would then burn through its remaining cash
more quickly that it would at other times of the year because the
Treasury will be issuing tax refund checks, Lew said.
"Without borrowing authority, at some point very soon, it would not
be possible to meet all of the obligations of the federal
government," Lew said in prepared remarks at a Bipartisan Policy
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Washington will start scraping up against the debt ceiling by
Friday, the day a suspension on the borrowing limit is scheduled to
lift. The Treasury will then use accounting measures that will allow
the government to keep adding to the debt, but Lew said this
strategy would only get the administration to the end of the month.
(Reporting by Jason Lange)
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