A suspension of the federal debt ceiling is scheduled to expire in three days, on Feb. 7.
The debt ceiling was suspended through the end of this week under a law last October that ended a 16-day partial government shutdown.
Treasury Secretary Jacob J. Lew yesterday called on Congress to raise the federal borrowing limit, saying that his department will exhaust so-called extraordinary measures by the end of this month.
“Given these realities, it is imperative that Congress move right away to increase our borrowing authority,” Lew said. “It would be a mistake to wait until the 11th hour to get this done.”
Read more here from Bloomberg’s Ian Katz and Kasia Klimasinska.