U.S. Treasury Secretary Jacob J. Lew said investor confidence that a deal can be struck on the
debt limit is probably “greater than it should be.”
Lew, who spoke at the Bloomberg Markets 50 Summit in New
York today, repeated that President Barack Obama won’t negotiate
with congressional Republicans on increasing the debt limit.
“There’s a sense that 2011 was a terrible experience, and
nobody should do that again,” he said. “People have to take
seriously that Congress has a lot of work to do in a short
period of time.”
Lew told Congress in an Aug. 26 letter that lawmakers need
to raise the $16.7 trillion debt ceiling by the middle of
October, when he expects that the Treasury Department will have
about $50 billion left to fund the government. That figure is
probably smaller now, he said today.