Obama to meet with Treasury Secretary Lew as default clock ticks down

WASHINGTON (REUTERS) - President Barack Obama will meet Treasury Secretary Jack Lew at the White House on Wednesday, as the clock ticked down to a debt deadline with no clear solution in sight.

Mr Lew is due to meet with the President at 1825 GMT (4.25pm Singapore time). He has said the United States will run out of borrowing authority on Thursday, leading to a debt default, if Congress does not raise the US$16.7 trillion (S$20.7 trillion) US debt limit.