Jack Lew to Congress: We'll Hit the Debt-Ceiling By Early March

Manuel Balce Ceneta/AP

For the first time in four years, both houses of Congress passed a budget. The grand compromise that had eluded the body every few months (and left a wake of exasperated tempers and a 17-day government shutdown) was finally reached. Phew, right? We're done with this. No more cliffs or fiscal showdowns.

Well maybe not.

Treasury Secretary Jack Lew writes John Boehner Thursday reminding him that the nation's debt limit was only extended through February 7, 2014. "When that suspension period ends, the United States will reach the debt limit again," Lew writes. "At that time, in the absence of Congressional action, Treasury would be forced to take extraordinary measures to continue to finance the government on a temporary basis." In the case of no action, "we would be able to extend the nation's borrowing authority only until late February or early March 2014," says Lew.

And thus, it starts again.

Like last time, it may not be so easy to get a deal. "I doubt if the House or, for that matter, the Senate is willing to give the president a clean debt ceiling increase," McConnell told reporters this week. "Every time the president asks us to raise the debt ceiling is a good time to try to achieve something important for the country."

Read the full letter here:

Secretary Lew's Letter to Congress

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Federal IT Applications: Assessing Government's Core Drivers

    In order to better understand the current state of external and internal-facing agency workplace applications, Government Business Council (GBC) and Riverbed undertook an in-depth research study of federal employees. Overall, survey findings indicate that federal IT applications still face a gamut of challenges with regard to quality, reliability, and performance management.

    Download
  • PIV- I And Multifactor Authentication: The Best Defense for Federal Government Contractors

    This white paper explores NIST SP 800-171 and why compliance is critical to federal government contractors, especially those that work with the Department of Defense, as well as how leveraging PIV-I credentialing with multifactor authentication can be used as a defense against cyberattacks

    Download
  • Toward A More Innovative Government

    This research study aims to understand how state and local leaders regard their agency’s innovation efforts and what they are doing to overcome the challenges they face in successfully implementing these efforts.

    Download
  • From Volume to Value: UK’s NHS Digital Provides U.S. Healthcare Agencies A Roadmap For Value-Based Payment Models

    The U.S. healthcare industry is rapidly moving away from traditional fee-for-service models and towards value-based purchasing that reimburses physicians for quality of care in place of frequency of care.

    Download
  • GBC Flash Poll: Is Your Agency Safe?

    Federal leaders weigh in on the state of information security

    Download

When you download a report, your information may be shared with the underwriters of that document.