Lew Sets Earlier Deadline for Congress to Raise Debt Ceiling
- Nov. 3 date is two days before Treasury's previous estimate
- Lawmakers holding closed-door talks to avoid U.S. default
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Treasury Secretary Jacob J. Lew moved up by two days to Nov. 3 the deadline by which Congress must raise the nation’s $18.1 trillion debt limit, intensifying pressure on U.S. lawmakers to negotiate a solution.
The Treasury projections of the administration’s net resources have fallen $4 billion to $6 billion short of expectations, forcing the department to move up the date from Nov. 5, Lew said in a letter Thursday to House Speaker John Boehner. After the new deadline, the Treasury will have less than $30 billion to fund the government, “far short” of expenses on certain days, Lew said.