JP Morgan Chase sells short-term Treasury holdings

• JPMorgan Chase%3A None of its money market funds hold U.S. debt maturing or with payments due between Oct. 16 and Nov. 6
• A day earlier%2C Fidelity Investments%2C said it was selling off its government debt holdings maturing in the same period
• Treasury Secretary Jacob Lew warned Congress Thursday of dangers of waiting too long to address debt limit

NEW YORK (AP) — JPMorgan Chase says it has sold all of its exposure to short-term U.S. government debt out of its money market funds, following a similar move by other money market mutual fund managers.

The news comes a day after Fidelity Investments, the nation's largest money manager, said it was selling all government debt it held that was coming due in late October or early November, the period in which the U.S. would default on its debt if Congress cannot negotiate new debt ceiling limit before then.

In a statement Thursday, JPMorgan said its money market funds no longer held any U.S. Treasuries that mature or have payments scheduled between Oct. 16 and Nov. 6. The bank says it has also increased its liquidity position in the funds.

While JPMorgan Chase & Co. says it believes the probability of a U.S. government default is low, it's taking precautionary measures to protect investors.

On Thursday, Treasury Secretary Jacob Lew chided Congress in a hearing before the Senate Finance Committee for refusing to raise the nation's debt ceiling, saying that waiting until the last minute to avoid default could prove "very dangerous."

After the markets closed Thursday, House Republican leaders said they were proposing a six-week increase in the nation's $16.7 trillion debt ceiling as a way of avoiding a first-ever U.S. default. The White House had earlier indicated that might be something President Obama could accept, depending on the particulars of the proposal.

Contributing: USA TODAY's staff reports