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White House presses for fall-back plan on debt ceiling if budget talks fall through


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The New York Times
SOURCE: https://www.washingtonpost.com/business/2019/07/15/white-house-presses-fall-back-plan-debt-ceiling-if-budget-talks-fall-through/
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Summary

Treasury Secretary Steven Mnuchin said Monday that lawmakers could be forced to raise the debt ceiling without a broader budget deal if an agreement isn’t reached very soon, warning that time was running out to ensure that the government had enough money to pay all of its bills.White House officials have begun discussing such a scenario with some congressional aides, several people briefed on the talks said Monday. Mnuchin’s decision to float the option publicly on Monday could signal that he believes time is running out, though some Democrats believe that the White House has been trying to pressure them to raise the debt ceiling without offering concessions in the budget talks.Mnuchin has warned that the Treasury Department could run out of money in early September if a debt ceiling deal isn’t crafted before the August recess, a position that some outside experts have also said is accurate.If the debt ceiling isn’t raised in time, and the Treasury Department is squeezed for cash, it could lead to a spike in interest rates and stock market crash, among other things, because it could call into question the full faith and credit of the United States.The U.S. government spends much more money than it takes in through revenue.

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