US borrowing limit looming

AFTER telling Congress that the US government will hit its borrowing limit in October, treasury secretary Jack Lew yesterday insisted that President Obama will not negotiate over raising the debt ceiling.

Lew wrote to the House of Representatives’ speaker, John Boehner, saying: “Extraordinary measures are projected to be exhausted in the middle of October”.

Yesterday, Lew went further, adding: “The President has made it clear. We’re not going to negotiate over the debt limit”.