Feb. 3 (Bloomberg) — Treasury Secretary Jacob J. Lew said the U.S. risks breaching the federal debt limit by the end of this month and called on Congress to raise it immediately to sustain economic momentum.

"It is imperative that Congress move right away to increase our borrowing authority," Lew said in a remarks prepared for a speech at the Bipartisan Policy Center in Washington today. "It would be a mistake to wait until the 11th hour to get this done."

The U.S. economy is "poised for growth in 2014" and Congress should avoid another "manufactured crisis" over the debt ceiling, Lew said. "Simply delaying action on the debt limit can cause harm to our economy, rattle financial markets, and hurt taxpayers."

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