- The Washington Times - Wednesday, July 26, 2017

Treasury Secretary Steven Mnuchin on Wednesday said the United States has enough wiggle room to pay its bills through September, but again urged Congress to act on raising the debt ceiling before breaking for August recess.

“Based upon our best estimate at the time, we do have funding through September, but I have urged Congress to take this up before they leave for the recess,” Mr. Mnuchin told senators, testifying before an appropriations subcommittee.

Mr. Mnuchin said there are both tangible costs and the “implied” cost of uncertainty associated with the extraordinary measures the Treasury Department uses to prevent the U.S. from bumping up against the limit.

Last month, the Congressional Budget Office estimated that treasury would likely be able to continue borrowing and paying the country’s bills up until early to mid-October.

The House is scheduled to go on a five-week break after this week, though leaders have said they’ll keep a close eye on what the Senate does on health care and could call members back if the Senate approves a bill.

Earlier this month, Senate Majority Leader Mitch McConnell said the Senate would be staying in session an additional two weeks before starting their summer break.

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide