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Obama says raising debt ceiling has to get done in the next five weeks

Reuters

WASHINGTON (Reuters) - President Barack Obama said on Friday negotiations to raise the U.S. government's debt ceiling should be completed in the next five weeks and that interfering with the debt limit could put the financial system in a tailspin. Obama told a news conference at the White House that the race to choose a new speaker of the House of Representatives after Republican John Boehner announced he was stepping down would complicate the negotiations over the debt ceiling. Treasury Secretary Jack Lew said on Thursday the U.S. government would hit a legal debt limit and be unable to borrow more money around Nov. 5. (Reporting by Mohammad Zargham; Editing by Sandra Maler)