Reuters: Politics: U.S. Treasury starts last measures to preserve borrowing authority

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U.S. Treasury starts last measures to preserve borrowing authority Oct 1st 2013, 23:59 Tweet Share this Email Print The government branches and services affected by the shutdown.  Slideshow  U.S. Treasury Secretary Jack Lew addresses the Economic Club of Washington D.C., in Washington, September 17, 2013. Credit: Reuters/Jonathan Ernst WASHINGTON | Tue Oct 1, 2013 7:38pm EDT WASHINGTON (Reuters) - The U.S. Treasury on Tuesday started using its last tools for pushing back the day when the government will run out of legal borrowing authority, Treasury Secretary Jack Lew said. Lew said his department was suspending some reinvestments of a government currency exchange fund and would also enter into a debt swap with the Federal Financing Bank and the Civil Service Retirement and Disability Fund. He repeated that these measures would allow it to continue below its $16.7 trillion limit for a little while longer, but that by October 17 the government would exhaust its borrowing authority and be left with about $30 billion in cash to pay the nation's bills. "If we have insufficient cash on hand, it would be impossible for the United States of America to meet all its obligations," Lew said in a letter to lawmakers. "For this reason, I respectfully urge Congress to act immediately to meet its responsibility by extending the nation's borrowing authority." (Reporting by Jason Lange; editing by Christopher Wilson) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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