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US Treasury asks Congress to increase debt ceiling

US Treasury asks Congress to increase debt ceiling

Mubasher: Treasury Secretary Steven Mnuchin on Friday urged Congress to raise the US debt ceiling before its summer recess.

In the face of a “reasonable uncertainty” in estimating government cash flows, updated projections indicated “a scenario in which [the Department] run out of cash in early September, before Congress reconvenes,” Mnuchin said in a letter to House Speaker Nancy Pelosi.

“As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess,” he said.

Lawmakers and the White House are looking to pass a spending deal and lift borrowing limit to avert another government shutdown.

Previously, the US treasury secretary proposed a one-year continuing resolution and debt ceiling raise if both sides failed to hammer out a deal.