Treasury Dept asks Congress to raise debt ceiling before summer recess
"Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes," Treasury Secretary Steven Mnuchin said in a letter to House Speaker Nancy Pelosi on Friday.
"As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess," Mnuchin said. Lawmakers and the Trump administration are rushing to pass a spending deal and raise the U.S. borrowing limit to avoid another government shutdown. Mnuchin previously said the White House will offerFunding for the current fiscal year runs out September 30. The government partially shut down for a record 35 days in December and January after funding lapsed.
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