Lew Urges Congress to Lift Debt Limit as Boehner Vows No Default
- Delay in borrowing increase may trigger `accident,' Lew says
- Boehner says, `We’re not going to default on our debt'
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Treasury Secretary Jacob J. Lew urged Congress to act now to increase the U.S. debt limit, calling it irresponsible for lawmakers to use political brinkmanship that could jeopardize the government’s record of honoring its obligations.
Lawmakers should raise the borrowing threshold unconditionally and not use the ceiling as a political weapon, Lew said Wednesday at a conference in Washington. With less than two weeks to meet his deadline, the Republican-controlled Congress needs to move promptly because the process of increasing the debt ceiling is complicated, he said, reiterating that the government on Nov. 3 will exhaust the tools it’s using to stay under the cap.