|
 In a letter to U.S. Congressional leaders, Lew said the federal
government would likely have less than $30 billion in cash at that
point, straining its ability to pay its obligations.
"I respectfully urge Congress to take action as soon as possible and
raise the debt limit," Lew said.
The federal government is currently scraping just under its $18
trillion legal debt cap, with political wrangling over fiscal policy
putting Washington at risk of not being able to pay its bills.
Lew said that the latest corporate and individual tax receipts
received by the Treasury were lower than previously projected and
trust fund investments higher, resulting in a net decrease in money
available to the U.S. government.
 While Congress on Wednesday averted a government shutdown by passing
a stop-gap measure to extend funding to federal agencies until
mid-December, there has yet to be a deal reached on addressing the
nation's debt limit.
Earlier this week, U.S. House Speaker John Boehner left open the
possibility of advancing an increase to the debt limit before he
resigns from Congress on Oct. 30.
[to top of second column] |
Analysts and officials have warned that missing payments could lead
to economic calamity. The Treasury already came close to missing
payments in 2011 and 2013 when Congress delayed increasing the
borrowing limit.
(Reporting by Lindsay Dunsmuir and Jason Lange; Editing by Peter
Cooney, Bernard Orr)
[© 2015 Thomson Reuters. All rights
reserved.]
Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
