Lew warns of "catastrophic" outcome if debt limit isn't raised

09/25/2013 | Reuters

Oct. 17 is when the U.S. will reach its funding limit unless Congress acts to raise the debt ceiling, warned Treasury Secretary Jack Lew. "If the government should ultimately become unable to pay all of its bills, the results could be catastrophic," Lew told congressional leaders in a letter. President Barack Obama has refused to negotiate with Congress on the matter, but House Speaker John Boehner insists that talks are a necessity, with a yet-to-be-determined bill possibly coming up for consideration as early as Friday.

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