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.”
“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.
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