Lew to Congress: Debt ceiling needs extending

WASHINGTON — Treasury Secretary Jack Lew told Congress on Wednesday that the nation should be able to continue paying its bills until at least Oct. 30, but lawmakers need to extend the debt limit because of economic uncertainty.

"Given this unavoidable uncertainty, Treasury is not able to provide a specific estimate of how long the extraordinary measures will last," Lew said in a letter delivered to congressional leaders.

The letter arrived on Capitol Hill as the parties prepared for September budget battles that could lead to a government shutdown at the end of the fiscal year on Sept. 30.

Economic uncertainties include projecting how much revenue the government will take in through September tax receipts, Lew said.

Still, the Treasury Secretary said special measures his department has been using "will not be exhausted before late October, and it is likely that they will last for at least a brief additional period of time."

The U.S. actually hit its statutory debt limit on March 16, when Treasury began utilizing the special measures, Lew said.

The Obama administration and congressional Republicans have clashed over the debt ceiling before, nearly leading to an unprecedented default on government obligations.