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Mnuchin Ready for Short-Term Debt Cap Increase to Avoid Breach

EconomyJul 18, 2019 08:30AM ET
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2/2 © Bloomberg. Steven Mnuchin in Chantilly on July 18. 2/2

(Bloomberg) -- Treasury Secretary Steven Mnuchin signaled he would agree to a short-term debt limit increase if Congress can’t reach a long-term solution that includes a budget deal before its August recess.

Mnuchin has said that under one of the Treasury Department’s most conservative estimates, the U.S. will be at risk of defaulting on payment obligations in early September -- before lawmakers are scheduled to return from their summer recess on Sept. 9.

“I’ve been clear in communicating to leadership in both parties in Congress that they should raise the debt ceiling before they leave, whether it’s a permanent raise or a temporary raise, we don’t want to run into any problem in the first week of September,” he said.

“The preference from all three sides -- the administration the House and the Senate -- would be to try to get an agreement that includes both the caps deal offset and raising the debt ceiling,” he said during a press briefing in Chantilly, France, where he was meeting with Group of Seven counterparts. “I think we’re very close to having an agreement.”

Mnuchin said the Congress and the administration has agreed on spending numbers for both years and are now working on offsets.

House Speaker Nancy Pelosi said earlier this week she sees “forward motion” as her talks with Mnuchin continue. The pair have another call scheduled on Thursday, Mnuchin said, to continue to negotiate higher spending levels in a budget deal that congressional leaders want to attach to a bill raising the debt limit before the August break.

Mnuchin Ready for Short-Term Debt Cap Increase to Avoid Breach
 

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Comments (2)
Tom OKray
Tom OKray Jul 18, 2019 10:56AM ET
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The treasury can ramp up money printing or issue more lower interest debt. Drive interest rates down, inflation up then no rate cut needed.
Al Vlaj
alvlaj Jul 18, 2019 10:56AM ET
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They dont set rates on debt or print money. Debt rate is set by open market auction and money printing is done by the Fed.
Silverbug 19
Silverbug 19 Jul 18, 2019 9:36AM ET
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Debt as far as the eye can see. Never will be paid back.
 
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