U.S. Treasury Secretary Jacob Lew on Monday told Congress that the federal government will reach its debt ceiling of 16.7 trillion U.S. dollars by mid-October, urging the Capitol Hill to raise the government's borrowing authority in a timely manner. "Congress should act as soon as possible to meet its responsibility to the nation and to remove the threat of default," Lew said in a letter to congressional leaders.[Hong Kong Company Formation, Incorporation, Business Registration]

The Treasury would run out of "extraordinary measures" it has to keep the U.S. from default by mid-October, and Congress should raise the government's borrowing authority "as soon as possible," noted the letter.

[Hong Kong Company Formation|Hong Kong Company Registration]The United States is making progress in enhancing its fiscal sustainability this year due to government spending cuts and increasing government revenue, but Democratic and Republican lawmakers are expected to wrangle over budget issues after the five-week summer recess ends next month.