Treasury secretary: Congress may need quick debt limit deal
WASHINGTON (AP) — White House officials say Congress might need to extend the government’s crucial ability to borrow money before lawmakers leave the Capitol for their August break.
That’s a timetable that would put extraordinary pressure on Congress to cut a deal on a measure that usually requires lengthy and painstaking negotiations.
Treasury Secretary Steven Mnuchin (mih-NOO’-shin) and other Trump administration officials met Wednesday with Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy. Afterward, Mnuchin told reporters that there is “potentially the need to do something before everybody leaves” for the summer recess.
A report this week by a bipartisan policy organization projected that lower than expected tax revenue means the government could run out of cash by early September. Without borrowing authority, an economy-jarring federal default might occur.