Another Fiscal Showdown on the Horizon

Treasury Secretary Jacob Lew sounded the fiscal alarm bell Wednesday, warning lawmakers that the government could default on its debt obligations as soon as February.

New York Times: “In a letter to Speaker John A. Boehner and the other top three congressional leaders, Mr. Lew said a surge of February spending, mainly tax refunds for 2013, would leave the Treasury with little room to maneuver after the official debt limit is reached on Feb. 7.”

“But aides signaled they would need some face-saving measure to placate House conservatives who still want to force concessions from the White House, possibly on controlling the growth of entitlement programs like Medicare or easing the path to an overhaul of the tax code.”

“President Obama continues to say he will not negotiate over the debt limit, which he said is a congressional responsibility, not a bargaining chip.”

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