Mnuchin Heaps Pressure on Congress Before Sept. 29 Debt Deadline

Bruno Cirelli
Luglio 29, 2017

I urge Congress to act promptly on this important matter", Mnuchin wrote in a letter addressed to Speaker Paul RyanPaul RyanRyan: "Priebus "left it all out on the field" Mnuchin: "US will hit debt limit by September 29 Priebus forced out; Kelly to replace him as WH chief of staff MORE (R-Wis.).

Mnuchin said in a letter to House of Representative Speaker Paul Ryan that he would continue to withhold investments from the Civil Service Retirement and Disability Fund, until September 29.

The Treasury's previous "debt issuance suspension period" for the federal employee pension fund was due to expire on Friday.

Government debt hit the statutory limit in mid-March, and Treasury has been using extraordinary measures since then to raise enough cash to keep paying the government's bills.

According to Mnuchin's timeline, that leaves less than a month for Congress to raise the borrowing limit to avert a debt default.

Mnuchin has repeatedly asked lawmakers to lift the borrowing limit as soon as possible, urging Senators and House members in separate hearings this week to do so before Congress's summer recess.

Mnuchin and fiscal watchdog groups have estimated that the Treasury will fully exhaust its remaining borrowing capacity in October, raising the risk that the United States can not meet all of its payment obligations with incoming tax revenue.

In testimony before the House Financial Services Committee on Thursday, Mnuchin said that Congress' budgeting process, including the role the debt limit plays, "needs to be looked at". "But once we've agreed to spend the money, we should make sure that the government can pay for it", Mnuchin said.

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