Lew: Treasury Will Take Extraordinary Actions Ahead Of Hitting Debt Limit

The Treasury Department will take extraordinary actions next week to stay under the debt ceiling, said Treasury Secretary Jacob Lew on Friday. In a letter to Speaker of the House John Boehner, Lew said the department will suspend sales of state and local government series securities, known as slugs, next Friday. Under legislation passed last year, the outstanding debt of the U.S. will be at the statutory limit on Monday, March 16 absent Congressional action. In his letter, Lew asked Congress to raise the debt limit as soon as possible. Earlier this week, the Congressional Budget Office said Treasury will be able to avoid default until October or November if the debt ceiling isn't raised.