WASHINGTON (Sputnik) — The outstanding US debt will reach the statutory limit on Monday and the US Treasury Department has stopped issuing state and local government securities in expectation of the date, US Treasury Secretary Jack Lew said in a letter to US House Speaker John Boehner.
Lew explained the US Treasury Department will start a “debt issuance period” regarding Civil Service Retirement and Disability Fund investment, while it has suspended the daily reinvestment of Treasury securities held by the Thrift Savings Plan.
“These actions have been employed during previous debt limit impasses,” Lew said.
Lew added that US Congress’ job is to protect the full faith and credit of the United States and urged the legislative body to extend immediately the nation’s borrowing limit.
