WASHINGTON — Treasury Secretary Jacob J. Lew implored Congress on Thursday to raise the debt ceiling, warning of potentially severe market and economic repercussions if it did not.

In testimony before the Senate Finance Committee, Mr. Lew stressed that the Treasury Department would run out of “extraordinary measures” to free up cash in a matter of days. At that point, the country’s bills might overwhelm its cash on hand plus any receipts from taxes or other sources, leading to an unprecedented default.  Read more