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The US government runs out faster than expected, Mnuchin warns



In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin writes that the US may default its obligations sooner in early September, before Congress returns from its summer recess.

"Based on updated projections, there is a situation where we run cash in early September, before Congress returns," Mnuchin wrote in a letter.

The federal government has not yet borrowed money since March, when the limits of the enacted allowable funds are back. The US Treasury, facing the growing deficit thanks to part of President Donald Trump's 2017 tax deduction, said it had enough money until it fell.

Pelosi and Mnuchin spoke three times this week in an effort to utilize budget negotiations and debt debt, and many sources have said that new default displays provide an accelerant for efforts that.

Mnuchin and Pelosi are likely to speak again Friday. Pelosi told reporters that he had not read Mnuchin's letter on Capitol Hill but he knew it would come.

In his letter, Mnuchin called on Congress to return the borrowing power by increasing the debt ceiling before Congress closed for a regular August recess.


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