WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew told lawmakers on Thursday he very much fears there could be miscalculations regarding the nation's debt ceiling and that there would be a crisis if Congress fails to act on it "sooner rather than later."
Lew said it was "impossible to predict with accuracy" exactly when the United States would run out of borrowing capacity. So far, officials have pointed to October 17 as the estimated deadline.
"With the debt limit, if you look for the last minute and you make a mistake, you've done serious damage to the U.S. economy, the world economy ... It's reckless," he said at a Senate hearing.
(Reporting by Jason Lange and Susan Heavey; Editing by James Dalgleish)