Lew Repeats U.S. Can Stay Under Debt Limit Past Late October

Treasury Secretary Jacob Lew reiterated Thursday the federal government can stay under the debt limit briefly past late October. In a letter to congressional leaders, Lew said Treasury's view hasn't changed since his July 29 letter to House Speaker John Boehner and other leaders. Lew then wrote that "extraordinary measures" taken by Treasury to allow continued borrowing wouldn't be exhausted before late October and they would likely last for at least a brief extra period. "That continues to be our view, based upon our best and most recent information," Lew wrote Thursday. He urged lawmakers to raise the debt limit as soon as possible. The nonpartisan Congressional Budget Office, meanwhile, has projected the Treasury would run out of borrowing ability between mid-November and early December if the debt limit isn't raised.

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