Treasury Secretary Steven Mnuchin is predicting that Congress will raise the government’s borrowing limit in September, before a deadline for default.
Mnuchin made his prediction Friday, a day after President Donald Trump accused Republican congressional leaders of botching efforts to avoid an unprecedented default on the national debt. Trump accused lawmakers of ignoring his advice and said what could have been an easy fix is “now a mess!”
The Treasury Department has said the debt ceiling must be lifted by Sept. 29 to avoid a government default. The government does not collect enough money from taxes to pay its bills, and must borrow to cover the difference.
Says Mnuchin: “The government intends to pay its debt and the debt ceiling will be raised.”