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US Treasury warns it will run out of cash in early September

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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 $22 trillion debt limit set by Congress.

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.

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“Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes,” Mnuchin warned in a letter to House Speaker Nancy Pelosi.

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 House is not scheduled to reopen until September 9.

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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Because the federal government traditionally runs a budget deficit, it has no choice but to borrow to finance government operations, including salaries, retirement benefits, social spending and other expenses already approved by Congress.

The Treasury previously said it could hold out until late summer, but the latest letter adds more urgency to the debate. It has suspended issuing new debt, and halted investments by government pension funds.

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‘He’s cooked’: Sam Donaldson warns Trump the Senate may vote to convict him after impeachment trial

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Veteran newsman Sam Donaldson on Monday evening told CNN viewers not to assume that Senate Republicans would refuse to remove President Donald Trump from office during an impeachment vote.

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Rudy Giuliani admits ‘Fraud Guarantee’ paid him $500,000 to work for indicted associate

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Rudy Giuliani admitted being paid a half a million dollars by an associate currently being held in federal custody, Reuters reported Monday.

"President Donald Trump’s personal attorney, Rudy Giuliani, was paid $500,000 for work he did for a company co-founded by the Ukrainian-American businessman arrested last week on campaign finance charges, Giuliani told Reuters on Monday. The businessman, Lev Parnas, is a close associate of Giuliani and was involved in his effort to investigate Trump’s political rival, former Vice President Joe Biden, who is a leading contender for the 2020 Democratic Party nomination," Reuters reported.

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John Bolton ripped Rudy Giuliani as a drug dealer and ‘hand grenade’: report

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Then-National Security Advisor John Bolton was reportedly shocked by the shadow foreign policy being conducted by Rudy Giuliani, a top former National Security Council official testified to Congress on Monday, The New York Times reports.

"The effort to pressure Ukraine for political help provoked a heated confrontation inside the White House last summer that so alarmed John R. Bolton, then the national security adviser, that he told an aide to alert White House lawyers, House investigators were told on Monday," the newspaper reported. "Mr. Bolton got into a sharp exchange on July 10 with Gordon D. Sondland, the Trump donor turned ambassador to the European Union, who was working with Rudolph W. Giuliani, the president’s personal lawyer, to press Ukraine to investigate Democrats, according to testimony provided to the investigators."

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