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February 4, 2014

Congress Urged to Raise Debt Ceiling or Risk Default 
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U.S. Treasury Secretary Jack Lew is calling on Congress to act quickly
to raise the nation's borrowing limit. A temporary suspension of the
debt ceiling expires on Friday after it was passed in October following
the government shutdown. Lew warned a delay could cause the United
States to default on its obligations by the end of the month.

Treasury Secretary Jack Lew: "Without borrowing authority, at some point
very soon, it would not be possible to meet all of the obligations of
the federal government. The truth is, the longer we wait, the greater
the risks become. Whether it's the economic recovery, the financial
markets or the dependability of Social Security payments and military
salaries, these are not things to put at risk."

 

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