Budget Chief Lew Says U.S. Debt Ceiling Deal Won’t Be ‘Pretty’
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White House budget director Jacob Lew said he was confident Congressional Republicans and Democrats will reach a deal with the Obama administration to raise the debt limit, averting a default by the early August deadline.
“I can’t argue that it’ll be pretty,” Lew said of the struggles to achieve a debt accord in a question-and-answer session last night at a meeting of the Economic Club of Washington. “I think there’s a shared understanding that it’s just unthinkable” for the U.S. to default on its debts.