House Speaker Nancy Pelosi (D-Calif.) on Monday night said the House of Representatives will not raise the debt ceiling unless it is combined with a budget agreement.
Earlier in the day, Treasury Secretary Steven Mnuchin told reporters that if a budget deal is not reached soon, Congress will have to raise the debt ceiling before its August recess, otherwise there won't be enough money to pay the government's bills. This idea, Pelosi said, is not "acceptable to our caucus."
Lawmakers have until the end of September to hammer out a budget deal, as that's when funding for several agencies is scheduled to run out. The Treasury Department can only issue debt up to the limit set by Congress. Since President Trump's inauguration, total government debt has increased by about $3 trillion, to more than $22 trillion.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Fannie Flagg’s 6 favorite books that sparked her imaginationFeature The author recommends works by Johanna Spyri, John Steinbeck, and more
-
Google: A monopoly past its prime?Feature Google’s antitrust case ends with a slap on the wrist as courts struggle to keep up with the tech industry’s rapid changes
-
Patrick Hemingway: The Hemingway son who tended to his father’s legacyFeature He was comfortable in the shadow of his famous father, Ernest Hemingway
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstancesSpeed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governorSpeed Read
-
Los Angeles city workers stage 1-day walkout over labor conditionsSpeed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billionSpeed Read
-
Bangladesh dealing with worst dengue fever outbreak on recordSpeed Read
-
Glacial outburst flooding in Juneau destroys homesSpeed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creatureSpeed Read
