Congress risks “manufacturing crisis” by prevaricating over raising the debt ceiling, Treasury Secretary Jack Lew said in an opinion piece Monday in USA Today.
Unless the cap is raised beyond the current limit of $18.1 trillion, the Treasury is seen running out of money to pay bills in full and on time by Tuesday next week. It would then be left with only incoming taxes and fees to cover expenses, which will be insufficient.
“We are on track for further economic growth — yet with eight days, as of Monday, until Treasury runs out of borrowing authority on November 3, some in Congress are endangering this progress by once again manufacturing a crisis for our country. By waiting to the last minute to act on the debt limit, Congress could cause a terrible accident,” Lew wrote in USA Today.