The US government could run out of money in early September unless Congress allows the administration to borrow more, Treasury Secretary Steven Mnuchin warned Friday. The Treasury has been taking extraordinary steps since March to shuffle its cash around to continue paying its bills after hitting the
Washington - The US government could run out of money in early September unless Congress allows the administration to borrow more, Treasury Secretary Steven Mnuchin warned Friday.
Officials have issued dire warnings that without an increase in the borrowing limit, the US could default on its debt for the first time and they have been urging the legislature to act before the summer break later this month. Pelosi late Thursday said she is working to finalize a deal that would temporarily raise the debt ceiling before the House of Representatives shuts down July 26, according to news reports.The United States lost its coveted AAA debt rating in 2011, following battles among lawmakers in Washington over whether to lift caps on US sovereign borrowing, raising the likelihood of a US default.
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