US Treasury Secretary says final debt tools being used to avoid debt ceiling
WASHINGTON (AP) - Treasury Secretary Jacob Lew says that he has now begun using all the extraordinary measures at his disposal to avoid hitting the debt ceiling.
In a letter to congressional leaders late on Tuesday, Mr Lew said that he started to use the final three bookkeeping tools available to provide borrowing room for paying the nation's bills.
He said that there are no other "legal and prudent" options for extending the borrowing authority.
He added that his assessment of the date he would run out of manoeuvring room had not changed from last week. He told Congress on Sept 25 that the extraordinary measures would be exhausted no later than Oct 17 and at that time the government would have about US$30 billion (S$37.65 billion) in cash on hand.