Lew tells Congress of steps to avoid debt default

Published May 17, 2013 7:14pm ET



WASHINGTON (AP) — Treasury Secretary Jacob Lew told Congress on Friday that the administration will begin taking steps next week to avoid a default on the nation’s debt until Congress votes to raise the government’s borrowing limit.

Lew said those measures should provide enough maneuvering room to let the government keep borrowing until after Labor Day. Private economists have estimated that the government will be able to keep from breaching the debt limit until late October or November. In part, that’s because the government in recent months has collected more revenue than expected.

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