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Treasury Secretary: Congress must act to raise debt limit

U.S. Treasury Secretary Jack Lew testifies before a Senate Banking hearing on "The Financial Stability Oversight Council Annual Report to Co
U.S. Treasury Secretary Jack Lew testifies before a Senate Banking hearing on "The Financial Stability Oversight Council Annual Report to Co

WASHINGTON (Reuters) - Treasury Secretary Jack Lew on Tuesday said it is essential for Congress to raise the statutory borrowing limit this fall so the government can continue to pay its bills on time, and he warned the administration will not allow politicians to use the debt ceiling as political leverage.

"Congress should come back and they should act," Lew said in an interview on CNBC. "The president will not negotiate conditions on the debt limit."

(Reporting By Margaret Chadbourn Editing by W Simon)

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