U.S. Treasury Secretary Jack Lew told FOX Business Thursday that he is out of tools – known as extraordinary measures – and will not be able to pay the U.S.’s bills if Congress fails to raise the nation’s debt limit by Oct. 17.
In an exclusive interview with FOX Business’ Liz Claman, Lew said the Treasury Department has taken every measure possible to extend Treasury’s ability to pay U.S. debts as Congress faces off in a budget stalemate that has shuttered parts of the government since Tuesday.
“There is the dangerous notion that there's always something else in the drawer. Congress needs to understand that on Tuesday, I took the last steps I can take to create borrowing capacity,” Lew said.
In addition to negotiating a budget agreement that would reopen federal agencies closed by the impasse, Congress also has to vote on raising the U.S. debt limit. Treasury has warned that the U.S. will run out of money to pay its bills by mid-October.