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Photograph by Andrew Harrer/Bloomberg

Jacob “Jack” Lew, U.S. Treasury secretary, during a Financial Stability Oversight Council meeting at the U.S. Treasury in Washington, D.C.

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.

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