by Michael Lombardi, Testosterone Pit.com:
As we march towards another debt ceiling limit…
The U.S. Treasury Secretary, Jacob J. Lew, wrote a letter to Congress this week stating the U.S. government will hit the debt ceiling by October. He wrote, “…Congress should act as soon as possible to protect America’s good credit by extending normal borrowing authority well before any risk of default becomes imminent.” (Source: U.S. Department of the Treasury, August 26, 2013.)
Lew added, “Protecting the full faith and credit of the United States is the responsibility of Congress because only Congress can extend the nation’s borrowing authority. Failure to meet that responsibility would cause irreparable harm to the American economy.” (Source: Ibid.)
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