said the administration and congressional leaders are continuing toward resolving an impasse over the debt ceiling and he is confident an agreement will be reached that will ensure the U.S. does not default on its obligations."I don't think the market should be concerned," he said. "I think everybody is in agreement that we won't do anything that puts the U.S. government at risk in terms of our issue of defaulting. I think that nobody wants a shutdown in any scenario.
In what he called his "most conservative" scenario, the U.S. could reach its borrowing limit by early September. At that point, the Treasury would lose its ability to make payments on its $22 trillion debt load, a potentially catastrophic event that would ripple through financial and world markets. Both sides have been negotiating on reaching both future spending limits and a longer-term agreement on continuing to allow the government the ability to borrow. There have been some indications that an agreement is near, though CNBC's Ylan Mui reported earlier that the two sides remain significantly apart.
Mnuchin said everybody involved is aware of the risks that the inability to reach a deal would bring. "I've discussed that with the leadership of both the House and the Senate," he said. "That's why I've encouraged them to raise the debt ceiling before they leave."
Nothing like cutting taxes and spending more. Great economic policy trump
Yeah, we got it under control
Dems are absolutely feckless. If the shoe was on the other foot, the GOP would be speaking in one voice, attacking the recklessness of Dems, militantly united in opp to raising the debt limit. In fact, this is exactly what is going to happen as soon as a Dem pres is in office.
Link any debt limit raise with rescinding recent tax break to corporations.
20 Trillion? 30 Trillion? 50 Trillion? No WORRIES!
Yes, of course, the same way stevenmnuchin1 told CNBC that the deal with China was 90 percent done...then came the truth two days ago.
Nancy is crazy to let this one off the hook by doing business w/him. She never learns when it's her chance to play hardball. 🤷♂️
They should US owes 22T, and every year we get deeper in debt
This is trash news!! Hate news
Little do they know that markets are fcuked
considering the source they should be panicking
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WSJ - 🏆 98. / 63 Read more »