Lew Warns Congress of February Debt Ceiling Deadline (+video)

The Obama administration warned Congress on Thursday the government could run out of borrowing room to help pay its bills as soon as February if lawmakers do not move swiftly to raise the nation’s debt ceiling.

“I respectfully urge Congress to take action to raise the debt limit at the earliest possible moment,” Treasury Secretary Jack Lew said in a letter to congressional leaders.

Congress passed a two-year budget deal on Wednesday to trim some spending cuts planned for next year, and the pact reduces the risk of a government shutdown early next year.

But the legislation does nothing to directly address the potential financial crisis that looms if Washington does not raise the debt ceiling soon.

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