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.
“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.
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.
Ivanka Trump visits defense contractor Lockheed Martin to promote apprenticeships
President Donald Trump's eldest daughter visited defense contractor Lockheed Martin to discuss apprenticeships for minorities.
White House senior adviser Ivanka Trump visited the company's Denver-area facility Monday to discuss its apprenticeship programs and efforts to promote science, technology, engineering and math (STEM) degrees, reported UPI.
The president's daughter and Lockheed CEO Marilyn Hewson heard from several women who benefitted from Lockheed programs, and Trump pointed out that women who earn STEM degrees were more likely to remain in that industry if they receive on-the-job training during school.
OAN’s Kremlin journalist proves the ‘merger between Russian state-sponsored propaganda and American conservative media’ is complete: Former FBI special agent
Its headlines look like they're written to please an audience of one.
"Political Strategist: President Trump’s reelection looks good in state-by-state analysis of chances."
"Pres. Trump touts strong approval rating as economy remains solid."
"GOP businesswoman Scherie Murray announces campaign for AOC’s seat."
It's been called an "obscure" pay-cable TV station, but One America News Network, which at time feels more like Fox News than Fox News, is President Donald Trump's new favorite news channel. It worked hard to get there, and as a 2017 Washington Post article noted its "taking ‘pro-Trump’ to new heights."
Mike Pence to headline ‘intimate’ $35,000 per couple fundraiser at gay-owned private club
Location reportedly revealed by chef during hearing on felony assault and domestic violence charges
Vice President Mike Pence will headline a $35,000-per-couple fundraiser at a private club owned by two gay men in Aspen, Colorado Monday evening.
The invitation, sent by Bob Jenkins, vice chair of Pitkin County Republicans, calls it "an intimate high dollar reception," and says, "we would like you to participate if possible. Additionally, please quietly spread the word," according to The Aspen Times.