Lew Warns Congress of Late-February Debt Deadline - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Lew Warns Congress of Late-February Debt Deadline

Posted: Updated:

Treasury Secretary Jacob Lew is telling Congress that by late February he will run out of steps he can take to avoid a first-ever default on U.S. debt.
 
Lew says he now thinks he will exhaust the bookkeeping maneuvers he can make to avoid  breaching the federal borrowing limit sooner than previously thought. He had estimated in December that he could avoid a default until late February or early March.
 
Under an agreement that ended the partial government shutdown in October, Congress suspended the debt limit until Feb. 7. After then, Lew would start using the bookkeeping maneuvers. 
 
He urged Congress to raise the limit before Feb. 7.
 
Some Republicans hope to use the debt limit as leverage to force the Obama administration to agree to more government spending cuts. (AP)

  • Today's Top StoriesMore>>

  • Aces Thump River Cats to Pull Even

    Aces Thump River Cats to Pull Even

    Friday, August 29 2014 3:11 AM EDT2014-08-29 07:11:56 GMT
    The Reno Aces jumped out to a second-inning 8-0 lead and went on to a 9-4 win over the Sacramento River Cats Thursday night at Raley Field. More >>
    The Reno Aces jumped out to a second-inning 8-0 lead and went on to a 9-4 win over the Sacramento River Cats Thursday night at Raley Field. More >>
  • Reno Police Shoot Robbery Suspect

    Reno Police Shoot Robbery Suspect

    Monday, September 1 2014 2:58 AM EDT2014-09-01 06:58:19 GMT
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
  • Aces Win to Force Winner Take All Game on Labor Day

    Aces Win to Force Winner Take All Game on Labor Day

    Monday, September 1 2014 2:09 AM EDT2014-09-01 06:09:23 GMT
    The Reno Aces used a pair of home runs and a dominant relief performance by Bo Schultz to grab a decisive 7-3 win over the Sacramento River Cats Sunday night at Raley Field.More >>
    The Reno Aces used a pair of home runs and a dominant relief performance by Bo Schultz to grab a decisive 7-3 win over the Sacramento River Cats Sunday night at Raley Field.
    More >>
  • Most Popular StoriesMost Popular StoriesMore>>

  • Reno Police Shoot Robbery Suspect

    Reno Police Shoot Robbery Suspect

    Monday, September 1 2014 2:58 AM EDT2014-09-01 06:58:19 GMT
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
  • Man Stabbed Multiple Times Across from UNR

    Man Stabbed Multiple Times Across from UNR

    Saturday, August 30 2014 4:36 PM EDT2014-08-30 20:36:37 GMT
    Reno police are searching for the suspect who they say stabbed a man multiple times over fake University of Nevada football tickets.More >>
    Reno police are searching for the suspect who they say stabbed a man multiple times over fake University of Nevada football tickets.More >>
  • Fatal Rollover on Highway 50

    Fatal Rollover on Highway 50

    Saturday, August 30 2014 3:11 PM EDT2014-08-30 19:11:01 GMT
    One is left dead after a vehicle rolled over on Highway 50 at East Nye.More >>
    One is left dead after a vehicle rolled over on Highway 50 at East Nye.More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.