Economics
Mnuchin Says U.S. Can Pay Bills Through Congress Summer Break
- Treasury chief says he has plan if debt cap not raised by Aug.
- Markets don’t want Congress to delay raising limit, he says
Mnuchin Says Markets Want U.S. to Raise Debt Ceiling
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U.S. Treasury Secretary Steven Mnuchin said he’s “comfortable” the government can be funded until the start of September even as he urged Congress to lift the debt cap as quickly as possible to avoid agitating markets.
The administration has “back-up plans” if Congress doesn’t approve a debt-ceiling increase by their five-week recess through Sept. 5, Mnuchin during a hearing before the House Appropriations Committee in Washington on Monday. “The sooner we do it the better. There are events in the world that could make it more difficult to borrow.”