Lew Convenes Financial Stability Oversight Council Today on Debt

The U.S. Financial Stability Oversight Council today held a telephone discussion called by Treasury Secretary Jacob J. Lew to review issues including the deadline to raise the nation’s debt ceiling.

“Failure to raise the debt limit by Oct. 17 would place the United States government in the untenable position of operating with only the cash on hand and could severely impact financial markets and the broader economy,” Treasury spokesman Anthony Coley said in an e-mailed statement. Lew is the chairman of the council, which also includes Federal Reserve Chairman Ben S. Bernanke.

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