Last week Treasury Secretary Jack Lew told Congress that they project the debt ceiling to be breached in the weeks after February 7th, and that President Obama will not negotiate.
Treasury Secretary Jacob Lew is telling Congress that he will have only a few weeks after Feb. 7 to avoid an unprecedented default on the nation’s debt. He says Congress should act quickly next year to raise the borrowing limit.
As part of the agreement that ended the 16-day partial government shutdown in October, Congress suspended the debt limit until Feb. 7.
Some Republicans have said they want to use the approaching deadline to force the administration to make new budget concessions. Lew said the president will not negotiate over raising the debt limit.
The Treasury Department will then be able to use “extraordinary measures” to avoid actually hitting the debt limit, as they have many times before.
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