|MARCY GORDON, AP Business Writer|
Lew said in a letter to
The government is spending more than it takes in, running up annual deficits in excess of
Lew said it's impossible for Treasury to predict exactly when borrowing limit will be reached. But he warns that if action isn't taken soon, the government could be left with
Lew told CNBC in a Tuesday interview that there cannot be any question that
"It's not as if we get to go back and undo the commitments we made," he said.
Earlier this year,
Republicans want to reduce future deficits by cutting back sharply on spending. Democrats have proposed a mix of spending cuts and tax increases, which Republicans strongly oppose. The issue awaits resolution when lawmakers return from their August recess.
Obama says he won't negotiate on the debt limit this time and says
Many Republicans want to use upcoming budget deadlines to mount an assault on Obama's signature health care law.
Lew told CNBC the administration would not accept a delay or defunding of parts of the law, which aims to help millions of uninsured people gain health insurance coverage.
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