Treasury's Lew says U.S. will hit debt ceiling around November 5

Reuters News
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Posted: Oct 01, 2015 5:02 PM

WASHINGTON (Reuters) - The federal government will hit a legal debt limit and be unable to borrow more money around Nov. 5, U.S. Treasury Secretary Jack Lew said on Thursday.

In a letter to lawmakers, Lew said the federal government would likely have less than $30 billion in cash at that point, straining its ability to pay its obligations.

"I respectfully urge Congress to take action as soon as possible and raise the debt limit," Lew said.

(Reporting by Lindsay Dunsmuir; Editing by Peter Cooney)