Lew Says Investors May Be Too Hopeful on Debt-Limit Debate
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U.S. Treasury Secretary Jacob J. Lew said investor confidence that a deal can be struck to raise the debt limit is “a bit greater than it should be” and the government probably will have less than $50 billion in cash by mid-October.
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 $16.7 trillion ceiling on the nation’s borrowing authority.