October 10, 2013

U.S. Treasury Secretary Jack Lew said on Thursday that gridlock in Washington was hurting the U.S. economy and urged Congress to raise a cap on government borrowing to keep America from defaulting on its debt.

The country’s political dysfunction has already led the government to partially shut down, which is sucking money out the economy by delaying payments to many federal workers.

The economic drag could grow much severe later in the month if the United States begins to default on its obligations after it hits a $16.7 trillion ceiling on its debt.

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