Lew: Not Raising Debt Limit Would Be ‘Disastrous’

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Aug. 22 (Bloomberg) -- U.S. Treasury Secretary Jacob J. Lew said a failure by Congress to raise the $16.7 trillion debt limit would “have disastrous effects for our nation” and could put at risk payments to Social Security recipients and veterans. Peter Cook reports on Bloomberg Television's "Street Smart." (Source: Bloomberg)

It is also august, trading volume is lower.

We have news from washington.

This is coming from mountain view, california where jack lew is set to speak momentarily at the commonwealth club.

His first trip as secretary.

They are talking up the efforts to try to boost the u.s. economy and also giving us a sign of things to come.

About to talk about the debt ceiling fight to come.

A warning to republicans not to put the full faith and credit of the nation in jeopardy.

He says we can't afford a repeat of 2011 and we can't afford for congress to wait.

We can't afford another unnecessary self-inflicted wound.

We have heard this up until this point and a lot more coming as lawmakers set to return in september.

The budget battle becomes a much bigger focus.

Right now, there does not appear to be a very clear pathway away from confrontation in republicans -- between

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