Treasury reminds Congress: Lift US debt limit by Nov. 5

The US Treasury Department reminded Congress on Thursday to lift the country’s debt limit by November 5 or risk threatening the good credit rating of the world’s largest economy. A day after President Barack Obama signed a temporary spending bill to fund the government through December 11, just hours before the start of the 2016 fiscal year, Treasury Secretary Jacob Lew sent a letter to Congress urging lawmakers to protect faith in the country’s credit. The Treasury has been taking extraordinary measures to avoid bumping into the government’s statutory borrowing limit of roughly $18.1 trillion, but was likely to exhaust those measures “on or about Thursday, November 5,” he wrote, as he had indicated in a previous letter on September 10.

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