The U.S. will reach its debt limit on Saturday, Treasury Secretary Jacob Lew told congressional leaders in a letter on Friday, but said the U.S. is taking extraordinary measures to keep paying bills. Lew said those measures, including previously announced suspension of sales of state and local Treasury securities, won’t be exhausted until “after Labor Day.”
Lew asks Congress for debt increase, says it’s ‘not open to debate’
Treasury Secretary Jack Lew on Friday urged congressional leaders to raise the debt limit and insisted that the White House is not going to negotiate over the increase because lawmakers have “no choice.”
“We will not negotiate over the debt limit,” Lew wrote. “The creditworthiness of the United States is non-negotiable. The question of whether the country must pay obligations it has already incurred is not open to debate.”
Lew said that while President Obama is willing to discuss plans to reduce the nation’s deficit with Congress, those talks must be kept separate from any effort to raise the nation’s debt cap.