Debate over the debt ceiling is about to heat up again in the nation's capital.
Treasury Secretary Jacob Lew warned lawmakers that after Friday, Feb. 7, the government will start using extraordinary measures to keep paying its bills.
To avoid default, Lew is urging Congress to increase the debt ceiling.
What will happen if Congress raises the debt ceiling? Phil Kerpen, president of American Commitment, talks about this and more on CBN Newswatch, Feb. 4.
"Unlike other recent periods when we have had to use extraordinary measures to continue financing the government, this time these measures will give us only a brief span of time," Lew said in a speech Monday at the Bipartisan Policy Center.
"Given these realities, it is imperative that Congress move right away to increase our borrowing authority," he added.
Meanwhile, many House Republicans are seeking concessions in exchange for any increase.
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