Arab Today, arab today lew time is short for congress to raise debt limit
Last Updated : GMT 12:54:10
Arab Today, arab today
Arab Today, arab today

Lew: Time is short for Congress to raise debt limit

Arab Today, arab today

Arab Today, arab today Lew: Time is short for Congress to raise debt limit

Washington - AFP

US Treasury Secretary Jacob Lew warned Monday that the United States will exhaust its borrowing authority on Friday without action by Congress to lift the debt limit. "Time is short. Congress needs to act to extend the nation's borrowing authority, and it needs to act now," Lew said in to prepared remarks at the Bipartisan Policy Center, a Washington think tank. "In just a matter of days, the temporary suspension of the debt limit will end, and the Treasury Department will have to start using extraordinary measures so the government can continue to meet  its obligations," he said. Lew noted that the automatic reinstatement of the cap on borrowing after February 7 comes at the beginning of tax filing season, when tax refunds cause net cash outflows "that deplete borrowing capacity very quickly." "We now forecast that we are likely to exhaust these measures by the end of this month." On the February 7 deadline the borrowing cap will be locked at the total amount borrowed at that date. US debt currently stands at $17.3 trillion. The Treasury chief welcomed recent congressional compromises that finally delivered a government budget after political stalemate over the issue forced a 16-day partial government shutdown in October. But he warned Congress against waiting to raise the debt limit at the 11th hour, highlighting that a delay can jeopardize the credibility of the world's largest economy and roil financial markets. He noted that in last year's political gridlock, consumer and business confidence dropped and investors "publicly questioned whether it was too risky to hold certain types of US government debt." "It is important to remember that increasing the debt limit is Congress's responsibility, and Congress's alone. That is because only Congress has the power to extend the nation's borrowing authority.  No Congress in the history of the United States has failed to meet this responsibility." The Treasury chief criticized a push by some lawmakers to tie spending cuts to increasing the Treasury's borrowing authority, noting that "raising the debt limit has nothing to do with new spending. "It is about fulfilling spending obligations that Congress has already made and paying bills that have already been incurred." Opposition Republican lawmakers are considering policy riders to a debt ceiling bill that would help reduce the debt.  President Barack Obama's Democratic administration has stood steadfastly against the attachment of any conditions to the debt action. Lew pressed Congress to avoid a self-inflicted wound to the US economy as it enters 2014 with momentum from robust strength in the 2013 fourth quarter. "This can and should be a breakthrough year for our economy," he said. "Congress should act quickly to resolve the debt limit without unnecessary delays or political posturing that could snowball into a manufactured crisis that the American people so clearly want us to avoid."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lew time is short for congress to raise debt limit Arab Today, arab today lew time is short for congress to raise debt limit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lew time is short for congress to raise debt limit Arab Today, arab today lew time is short for congress to raise debt limit

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Russia and Iraq restore air travel

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 11:53 2017 Saturday ,16 September

Jolie effect helps Namibian tourism

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday