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Treasury could run out cash in early September, urges Congress to raise debt ceiling before recess
video The Treasury Department said it could run out of cash in two months, asking Congress to increase the debt ceiling before lawmakers leave for a six-week recess. “Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes,” Treasury Secretary Steven Mnuchin said in a letter to House Speaker Nancy Pelosi on Friday. “As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess,” Mnuchin said. Lawmakers and the Trump administration are rushing to pass a spending deal and raise the U.S. borrowing limit ... (full story)