Treasury Secretary says U.S. debt limit won't be hit before Oct. 30

The U.S. is not at risk of breaching the debt ceiling before Oct. 30, Treasury Secretary Jacob Lew said Wednesday, in a new estimate sent to Congressional leaders. Treasury has been using so-called extraordinary measures since mid-March. Lew told the lawmakers that those measures will now last through the end of October. The Treasury Secretary urged Congress to raise the debt limit as soon as possible. The debt limit caps how much the government can borrow. It used to be raised routinely but has recently become the source of a bitter political tug-of-war.

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