Jack Lew: Obama ‘won’t negotiate’ over debt limit

Jack Lew: Obama ‘won’t negotiate’ over debt limit

In an interview on CNBC Tuesday morning, Treasury Secretary Jack repeated, multiple times, the Obama administration’s familiar line that the President “won’t negotiate” over raising the nation’s debt limit later this fall.

“The President has made it clear: we’re not going to negotiate over the debt limit,” Lew said.

That has been a sticking point for President Barack Obama since the summer of 2011, when negotiations over the debt ceiling led to a near breach and played a part in a downgrade of the nation’s credit rating. During the fiscal cliff debate late last year, Obama said he wouldn’t be negotiating over the debt limit.

Lew drew a contrast between the upcoming fiscal debates, which also includes the need to pass a continuing-resolution bill to fund the government after Sept. 30.

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“The debt limit is just different. … These are old bills that have to be paid.”

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