(VOVworld) -  US Treasury Secretary Jacob Lew has urged Congress to quickly raise the country's borrowing ceiling to avert yet another political showdown as its borrowing authority runs out in February. 

US Treasury Secretary Jacob Lew

Under current law the Treasury can borrow what it needs to cover the US budget deficit until February 7, when a fresh cap is set at the level on that day.
The Treasury has special accounting measures it can take to cover the deficit for several weeks.
The US debt currently stands at about $17.3 trillion. Lew said the fights have an impact on the real economy, even if the ceiling is eventually increased.
Last October, President Barack Obama signed a bill on state budget expenses to end the two-week government shut down. The Congress agreed not to discuss public debts at that time and postponed the issue until February 7, 2014.