US Treasury Secretary Timothy Geithner has urged Congress to set new statutory debt limit, increasing it from the current USD 12.1 trillion limit.

In a letter to the US lawmakers, Geithner called on the US Congress to act swiftly before the current public debt hits its limits by mid-October.

"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," noted the US Treasury Secretary in his letter published on Monday.

Meanwhile analysts have expressed dissatisfaction with the management of the US economy, which has created uncertainty about the amount of additional debts that the world's largest financial hub can handle.

US officials have criticized President Barack Obama's approach to the current financial crisis, saying that Obama's economic stimulus plan has failed to create equilibrium in the unbalanced debt-riddled economy.

"The president has made it clear that as soon as recovery is firmly established we will bring our fiscal deficit down to a level that is sustainable in the long term," The Wall Street Journal quoted an unnamed treasury official as saying.

If Congress acts on the Treasury's request it would mark the second increase in the debt ceiling this year.

The economic stimulus package passed by Congress earlier this year increased the debt ceiling by USD 789 billion to USD 12.1 trillion. As of August 7, the federal debt outstanding totaled roughly USD 11.7 trillion, WST reported.

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