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Lew: Debt limit will be reached March 16

Debt Clock 3-6-15By The Iowa Statesman

 

According to CNBC, U.S. Treasury Secretary Jack Lew has informed Congress that unless it takes action, the U.S. will hit its debt limit on March 16, but his department intends to begin taking “extraordinary measures” to finance the government on a temporary basis before that. In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on March 13, unless the debt limit is increased.

“Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible,” Lew wrote in his letter.