Daily Tax Update - March 6, 2015: Secretary Lew Sends Debt Limit Letter to Congress

Secretary Lew Sends Debt Limit Letter to Congress:  Today, US Treasury Secretary Jacob J. Lew sent a letter to Congress regarding the suspension of the statutory debt limit, which expires on March 15, 2015.  Beginning on March 16, the outstanding debt of the United States will be at the statutory limit.  In the letter, Secretary Lew notes that “[a]bsent an increase in the debt limit, the Treasury Department will have to take extraordinary measures to continue to finance the government on a temporary basis.”  Secretary Lew respectfully asks Congress to raise the debt limit as soon as possible.

Shirley Peterson to Receive 2015 Kenneth H. Liles Award:  Today, the Federal Bar Association Section on Taxation will present the 2015 Kenneth H. Liles Award to Shirley D. Peterson, former Assistant Attorney General, Department of Justice Tax Division, former Commissioner of Internal Revenue, and former partner, Steptoe & Johnson LLP.  The Kenneth H. Liles Award is the Section's highest honor and is awarded to an individual practitioner whose career has exemplified the highest standards of tax practice and has made significant contributions to federal tax policy and the administration and functioning of the tax system.