Politics

Mnuchin tells Congress debt ceiling might hit in early September, and it has to act before recess

Wheeeee! Treasury Secretary Steven Mnuchin is now warning congressional leaders that the debt ceiling could well be reached in “early September, before Congress reconvenes” after its August recess.

Mnuchin didn’t acknowledge that we’re going to bang into that ceiling earlier than anyone forecast because revenues collected by the federal government have been reduced more drastically than forecast because they were all lying about the impact of the GOP Tax Scam. But anyway, he’s pushing the panic button. “We model various scenarios for cash projections,” he wrote. But his models are uncertain (no kidding) so “it is impossible to identify precisely how long extraordinary measures [to avoid default] will last.”

The House is scheduled to recess in two weeks, the Senate in three. House Speaker Nancy Pelosi told reporters Thursday that she is still pushing for a budget agreement to end the sequester caps as well as the debt ceiling. “Prior to recess,” she said.

If she’s going to have any success on the budget, she’s almost certainly going to have to deal with border funding and Trump‘s concentration camps to keep her own conference in order. To do that, she’s going to need Senate Minority Leader Chuck Schumer and his Democrats to step up and help her this time. They’ve just got a few weeks to figure it out.


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