Warning over debt limit

The article reports that the US will hit its statutory debt ceiling in mid-October, which could make it hard for the government to meet all of its obligations after that date.

According to the article, Treasury Secretary Jacob Lew urged Congress to raise the debt limit from $US16.7 trillion.

The article says Treasury Secretary Jacob Lew sent a letter to Congress urging legislators to raise the debt limit, warning that failing to do so 'would cause irreparable harm to the American economy.'

The article states the United States will hit its statutory debt ceiling in mid-October.

The article warns that not raising the debt limit could make it difficult for the government to meet all of its obligations and, per Treasury Secretary Lew, could cause 'irreparable harm to the American economy.'

The article suggests the mid-October deadline and Treasury Secretary Lew's warning are significant developments — everyday investors may want to be aware of Congressional decisions and Treasury communications tied to the debt limit timeline.

The article says Jacob Lew wrote a letter to Congress urging legislators to raise the debt limit from $US16.7 trillion and warning of serious economic consequences if they do not.

The article implies the key steps are congressional consideration of raising the debt limit and attention to Treasury communications, since Lew has formally asked Congress to raise the $US16.7 trillion limit before the mid-October deadline.