Financial stability group meets on debt-ceiling crisis

Treasury Secretary Jack Lew held a meeting of the Financial Stability Oversight Council by telephone on Tuesday to discuss the potential failure to raise the U.S. debt ceiling and the possible consequences of that failure. "Failure to raise the debt limit by Oct. 17 would place the United States government in the untenable position of operating with only the cash on hand and could severely impact financial markets and the broader economy," according to Treasury spokesman Anthony Coley.

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