Treasury's Lew says U.S. will hit debt ceiling no later than Nov. 3

Reuters News
Posted: Oct 15, 2015 9:06 AM

WASHINGTON (Reuters) - The federal government will hit a legal debt limit and be unable to borrow more money no later than Nov. 3, U.S. Treasury Secretary Jack Lew said on Thursday.

In a letter to U.S. Congressional leaders, Lew added that a remaining cash balance of less than $30 billion would swiftly deplete.

"In fact, we do not foresee any reasonable scenario in which it would last for an extended period of time," Lew said, as he urged Congress to raise the debt limit.

(Reporting by Timothy Ahmann; Editing by Chizu Nomiyama)