US Congress needs to pass debt limit law again!

Treasury's Lew: Congress Needs to Pass Debt Limit

The US Congress needs to pass a new debt limit law according to US Secretary of Treasury Jack Lew since the $l6 trillion limit passed a year ago (In August ) would soon be breached.  If the govt could not borrow again, it would not be able to pay its obligations, interest on Treasuries, the govt would be in technical default and would have to pay cash on everything and the rating agencies would have to downgrade US debt papers again.

Its last debt limit law was passed in August 2011 and was passed at the last limit after a lot of political wranglings.  A repetition of such would mean lower credit rating for US