(MENAFN- Kuwait News Agency (KUNA)) US Secretary of Treasury Jack Lew said that the Treasury must begin implementing "extraordinary measures" in order to continue paying the nation's bills
In a letter to Speaker of the House of Representatives John Boehner, late on Friday, Lew said "the Continuing Appropriations Act, 2014 temporarily suspended the statutory debt limit through today, February 7, 2014." "Because Congress has not acted to approve normal borrowing authority, Treasury must begin implementing extraordinary measures that enable us, on a temporary basis, to protect the full faith and credit of the United States and to continue paying the nation's bills," he added
He stressed in his letter, "based on our best and most recent information, however, we are not confident that the extraordinary measures will last beyond Thursday, February 27." "At that point, Treasury would be left with only the cash on hand and any incoming revenue to meet our country's commitments," he noted
He stressed "If Treasury has insufficient cash on hand, it would be impossible for our nation to meet all of its obligations for the first time in history." "I respectfully urge Congress to move as quickly as possible, raise the debt limit, and provide certainty to the economy and to the financial markets, " he said
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