Feb. 7 (Bloomberg) -- Treasury Secretary Jacob J. Lew said U.S. borrowing authority may not last past Feb. 27 and urged Congress to raise the debt ceiling as soon as possible.
Extraordinary measures begun Friday by the Treasury to remain under the debt limit “are likely to be exhausted in less than three weeks,” Lew said in a letter to House Speaker John Boehner, an Ohio Republican.
House Republicans say they want concessions in exchange for raising the debt limit, though they’ve been unable to agree on exactly what. Republicans are floating options that include averting cuts in Medicare payments to doctors and restoring cost-of-living adjustments for military retirees that were reduced in a December budget deal, said three House Republican aides who spoke on condition of anonymity.
A suspension of the U.S. debt limit, enacted by Congress in October, expired Friday. Lawmakers haven’t ruled out a debt-limit boost without conditions, if Republicans are unable to garner support for an offset.
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