“Primarily based on up to date projections, there’s a situation wherein we run of out money in early September, earlier than Congress reconvenes,” Mnuchin wrote in a letter.
Pelosi and Mnuchin have spoken 3 times this week in an effort to jumpstart stalled price range and debt ceiling negotiations, and a number of sources say the brand new default projections have supplied an accelerant for these efforts.
Mnuchin and Pelosi are prone to communicate once more Friday. Pelosi instructed reporters that she has not but learn Mnuchin’s letter to Capitol Hill however she knew it was coming.
In his letter, Mnuchin known as on Congress to revive borrowing energy by growing the debt ceiling earlier than Congress departs for its common August recess.