Posted by: youngragingbull | May 10, 2013

U.S. debt ceiling safe until September: Lew

U.S. Treasury Secretary Jack Lew said in an interview on Friday that the debt ceiling will not be hit until September, though Congress shouldn’t relax based on that.

“The debt limit will be reached in just a few days when it expires on May 18, but because of the cash flows we can predict that we will be okay until Labor Day,” he said in an interview with CNBC.

Ahead of a meeting in London of Group of Seven central bank governors and finance ministers, Lew said the U.S. economy is growing, and while this is encouraging, it was still “not sufficient. We have a particular concern that there is a disparity between long and short-term unemployment.”

He said the U.S. needs to give this a lot of attention and encourage overall growth and job creation.

Source: MW


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