'When is the last minute?'
Sen. Chuck Schumer of (D-N.Y.) asked Treasury Secretary Jack Lew how long before damage to the U.S. economy might begin because of a lack of action on raising the debt limit.
Schumer: The way to avoid a potential cataclysm is to pass a clean debt ceiling now, not delay, and say, well, we can wait until the eve of the 17th or the 19th, or October 31st, is that right?
Lew: Well, I must say, there’s a parlor sport in Washington of “when is the last minute.” You can’t do that with the debt limit. With the debt limit, if you look for the last minute, and you make a mistake, you have done serious damage to the U.S. economy, to the world economy. It’s just not responsible. It’s reckless.