Warning over debt limit

The US will hit its statutory debt ceiling in mid-October, making it hard for the government to meet all of its obligations after that, Treasury Secretary Jacob Lew (right) says. In a letter to Congress, he urged legislators to raise the limit from $US16.7 trillion, saying not to do so "would cause irreparable harm to the American economy".

The US will hit its statutory debt ceiling in mid-October, making it hard for the government to meet all of its obligations after that, Treasury Secretary Jacob Lew (right) says. In a letter to Congress, he urged legislators to raise the limit from $US16.7 trillion, saying not to do so "would cause irreparable harm to the American economy".

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