The U.S. government will hit a legal debt limit and be unable to borrow more money no later than Nov. 3, Treasury Secretary Jack Lew said on Thursday.

In a letter to congressional leaders, Lew added that a remaining cash balance of less than $30 billion would swiftly deplete.

“In fact, we do not foresee any reasonable scenario in which it would last for an extended period of time,” Lew said, as he urged Congress to raise the debt cap.

Trunews – Trunews: U.S. will hit debt ceiling no later than Nov. 3: Treasury’s Lew