The Treasury Division mentioned it may run out of money in two months, asking Congress to extend the debt ceiling earlier than lawmakers go away for a six-week recess.

“Based mostly on up to date projections, there’s a state of affairs by which we run out of money in early September, earlier than Congress reconvenes,” Treasury Secretary Steven Mnuchin mentioned in a letter to Home Speaker Nancy Pelosi on Friday.

“As such, I request that Congress enhance the debt ceiling earlier than Congress leaves for summer time recess,” Mnuchin mentioned.

Lawmakers and the Trump administration are speeding to move a spending deal and lift the U.S. borrowing restrict to keep away from one other authorities shutdown. Mnuchin beforehand mentioned the White Home will provide a one-year continuing resolution and debt ceiling enhance if the 2 sides can’t strike a deal.

Funding for the present fiscal 12 months runs out Sept. 30. The federal government partially shut down for a report 35 days in December and January after funding lapsed.

This is the complete letter from the Treasury Division to Congress:

Expensive Madam Speaker:

Since there’s a cheap uncertainty in projecting authorities money flows, it’s inconceivable to establish exactly how lengthy extraordinary measures will final. We mannequin varied eventualities for our money projections. Based mostly on up to date projections, there’s a state of affairs by which we run out of money in early September, earlier than Congress reconvenes.

As such, I request that Congress enhance the debt ceiling earlier than Congress leaves for summer time recess.

Sincerely,

Steven T. Mnuchin



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