Treasury Secretary Jack Lew convened the Financial Stability Oversight Council on Tuesday to discuss the looming debt ceiling, the Treasury said in a statement.
"Failure to raise the debt limit by October 17 would place the United States Government in the untenable position of operating with only the cash on hand and could severely impact financial markets and the broader economy," spokesman Anthony Coley said.
Coley also said the council "may convene again in coming days."
The 15-membe FSOC was created by the Dodd-Frank reforms and is charged with overseeing the stability of the financial system.
This story is developing. Please check back for further updates.