Treasury Secy Says Debt Ceiling Must Be Raised Soon

Treasury Secy Says Debt Ceiling Must Be Raised Soon
(Washington, DC) -- Treasury Secretary Jack Lew is warning the federal debt ceiling must be raised soon to avoid the threat of default. Speaking at a DC forum, Lew said flirting with default threatens the continued good faith and credit of the U.S. government. He argued that raising the debt limit is not about spending more money. Lew said it is about paying bills that have already been racked up by Congress. Lew warned that the Treasury Department will run out of "extraordinary measures" to keep the government from defaulting by the end of this month.