News Column

Debt Ceiling Looms Again as Deadline Approaches

December 19, 2013

Martin Crutsinger, AP Economics Writer

debt limit
The debt ceiling is looming again as a Feb. 7 deadline approaches (file photo)

WASHINGTON (AP) Treasury Secretary Jacob Lew is telling Congress that he will have only a few weeks after Feb. 7 to avoid an unprecedented default on the United States' debt. He says Congress should act quickly next year to raise the borrowing limit.

As part of the agreement that ended the 16-day partial government shutdown in October, Congress suspended the debt limit until Feb. 7.

Some Republicans have said they want to use the approaching deadline to force the administration to make new budget concessions. Lew said the president will not negotiate over raising the debt limit.

Lew says the bookkeeping maneuvers he can use to keep under the debt ceiling will last only until late February or early March because of the government's need to issue tax refunds.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Original headline: Lew: Congress facing deadline to raise debt limit


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Source: Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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