(VOVworld) - US Treasury Secretary Jacob Lew on Friday urged Congress to raise the debt limit as the debt limit deadline is approaching on March 15.


Lew said in a letter sent to House Speaker John Boehner that if the cap on borrowing comes into place as scheduled on March 16, the Treasury will have to undertake extraordinary measures to continue to finance the government on a temporary basis.
If the current suspension is not extended or a higher debt limit not specified in law before March 16, the Treasury will have no room to borrow under standard operating procedures from March 16. Lew said the Treasury would suspend the issuance of the state and local government securities beginning March 13 to avoid running out of room to borrow.