Here we go again! Increase the government's borrowing limit before late February, Treasury Secretary warns
By Catholic Online (NEWS CONSORTIUM)
1/23/2014 (3 years ago)
Catholic Online (www.catholic.org)
U.S. Treasury Secretary Jack Lew has asked Congress to raise the debt limit in the next two weeks. Lew warns that the "extraordinary measures" the Treasury usually employs to avoid breaching the ceiling will be exhausted in late February. Lew had previously predicted that these measures would last until early March.
"I respectfully urge Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before Feb. 7, 2014, and certainly before late February," U.S. Treasury Secretary Jack wrote in a letter to House Speaker John Boehner this week.
LOS ANGELES, CA (Catholic Online) - "I respectfully urge Congress to provide certainty and stability to the economy and financial markets by acting to raise the debt limit before Feb. 7, 2014, and certainly before late February," Lew wrote in a letter to House Speaker John Boehner this week.
"When I previously wrote to you in December, I estimated that Treasury would exhaust extraordinary measures in late February or early March. Based on our best and most recent information, we believe that Treasury is more likely to exhaust those measures in late February. While this forecast is subject to inherent variability, we do not foresee any reasonable scenario in which the extraordinary measures would last for an extended period of time."
The February date for reinstating the debt ceiling was part of a deal reached by members of Congress last October as part of compromise settlement.
A partisan fiscal standoff was sparked off by a conservative House Republican move to defund the Obama administration's signature health care law, the Affordable Care Act.
In response, Congress suspended the debt ceiling at $16.7 trillion on Oct. 16, 2013, a day before the Treasury said it would have exhausted extraordinary measures. February 7 was the date set to reinstate it.
"The length of time that the extraordinary measures can extend the nation's borrowing authority is significantly shorter than it was in 2011 and 2013. This is in large part because the government experiences large net cash outflows in the month of February, due to tax refunds. this year the payment of tax refunds will be particularly concentrated in the weeks after February 7 due to the delayed start of the tax filing season, which was caused by the government shutdown," Lew wrote.
Congress will be under pressure to act before late February because of the short space of time available to reach a compromise. House Republicans have made it clear since December that they will not vote to extend the debt limit without concessions.
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