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.
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