Last updated: October 10. 2013 8:39AM - 218 Views
Associated Press

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(AP) Treasury Secretary Jacob Lew is urging Congress to raise the government's borrowing limit before Oct. 17, warning that a Republican idea to prioritize payments with cash on hand could cause "irrevocable damage" to the U.S. economy.

In testimony before the Senate Finance Committee, Lew said that trying to make such perilous choices between paying veterans or Social Security checks is not a good option and risks the first default on U.S. debt in history. He repeated the administration's demand that Congress pass legislation needed to end a partial government shutdown and raise the country's $16.7 trillion borrowing limit.

President Barack Obama will meet with top House Republicans at the White House to seek a path beyond a confrontation that has left the government shuttered for close to two weeks.

Associated Press
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