Thursday, October 03, 2013
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Treasury Secretary Jacob Lew told Congress that unless lawmakers act in time, he will run out of money to pay the nation's bills by Oct. 17.
"Today, I am writing to inform Congress that as of today [the] Treasury has begun using the final extraordinary measures," Lew wrote in a letter to congressional leaders Tuesday. "There are no other legal and prudent options to extend the nation's borrowing authority."
Congress must periodically raise the limit on government borrowing to keep U.S. funds flowing, a once-routine matter that has become locked in battles over the federal budget deficit.
"I respectfully urge Congress to act immediately to meet its responsibility by extending the nation's borrowing authority," Lew said.
Democrats will reportedly accept a short-term spending measure to re-open the government and increase the nation's debt limit while other political differences are worked out.
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