Lew warns of dangers if borrowing limit not raised

WASHINGTON (AP) - Treasury Secretary Jacob Lew says it will be "dangerous" and "reckless" for Congress to pass an October deadline without raising the government's borrowing limit.

Lew said Sunday that on Oct. 17 the government will lose the capacity to borrow because he will have exhausted all the extraordinary measures he has been using since May to free up room for more borrowing. He said the government has never before lost its borrowing ability.

In a CNN interview, Lew said that the government will have about $30 billion of cash on hand, but he said this was not a "responsible amount of cash to run the government on."

He called on Congress to raise the $16.7 trillion borrowing limit before the deadline to avoid damage to the government's credit standing.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.