The Treasury Department is issuing a warning of dire economic consequences that could rival the Great Recession if Congress is unable to agree on raising the debt ceiling and the nation defaults on its obligations.
Treasury Secretary Jack Lew says the debt ceiling needs to be raised, but without another economically damaging partisan fight.
In a series of interviews on the Sunday morning political talk shows, Lew said Congress needs to lift the "cloud of uncertainty" over the nation's finances and raise the limit before it fully expires on Sept. 30.
"The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit," the secretary said on NBC's Meet The Press.
This is MORNING EDITION from NPR News. Good morning. I'm David Greene. President Obama is preparing to send budget plan to Capital Hill this week and Treasury Secretary Jack Lew will be key in selling that plan to Congress.
Right now, Secretary Lew is on another mission: to sell European leaders on the idea of easing austerity to boost economic growth. We reached Secretary Lew in Berlin. Mr. Secretary, welcome back to the program.