Treasury Sec. Steven Mnuchin told congressional leaders that the debt ceiling should be raised before lawmakers leave for their August recess to avert the potential of an unprecedented default on the national debt.
Treasury Secretary Steven Mnuchin told congressional leaders that the debt ceiling should be raised before lawmakers leave for their August recess to avert the potential of an unprecedented default on the national debt.
Pelosi's office said that she and Mnuchin talked again by telephone on Friday and that negotiations would continue over the weekend. Since early March, Mnuchin has been using a variety of emergency measures that other Treasury secretaries have also employed to avoid running out of the funds needed to keep the government operating and to cover interest payments on the $22 trillion national debt.
The U.S. government has never missed a debt payment. A budget battle between President Barack Obama and congressional Republicans in 2011 pushed approval of a debt limit increase so close to a default that the Standard & Poor's rating agency downgraded a portion of the country's credit rating for the first time in history.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasury could run out cash in early September, urges Congress to raise debt ceiling before recessThe Treasury Department said it could run out of cash in two months, asking Congress to increase the debt ceiling before lawmakers leave for a six-week recess.
Read more »
Mnuchin warns Pelosi debt ceiling could be hit in SeptemberTreasury Secretary Steven Mnuchin is warning that the government could run out of cash in September if Congress does not lift the debt ceiling before leaving for August recess
Read more »
Pelosi doesn't commit to debt-limit vote before August recessHouse Speaker Nancy Pelosi on Thursday was noncommittal about the timing of a vote to raise the U.S. debt ceiling before the August recess, as Treasury...
Read more »
Tom Cotton hits Steven Mnuchin over HuaweiSen. Tom Cotton launched a shot a Treasury Secretary Steven Mnuchin on Thursday, urging U.S. companies to disregard his advice and shun the Chinese tech firm Huawei
Read more »