U.S. to reach debt limit Saturday: Lew

The U.S. will reach its debt limit on Saturday according to a letter written by Treasury Secretary Jack Lew to congressional leaders. The U.S. is taking extraordinary measures to keep paying bills. Some of these measures include suspension of sales of state and local Treasury securities among other things.

By Robert Schroeder
May 17, 2013, 1:30 p.m. EDT
Market Watch

WASHINGTON (MarketWatch) -- The U.S. will reach its debt limit on Saturday, Treasury Secretary Jacob Lew told congressional leaders in a letter on Friday, but said the U.S. is taking extraordinary measures to keep paying bills. Lew said those measures, including previously announced suspension of sales of state and local Treasury securities, won't be exhausted until "after Labor Day." That's a slight adjustment from his statement earlier this month about being "okay until Labor Day." Other measures include suspending reinvestment of Treasury securities held by a federal employee retirement plan.

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