“The Sooner We Do It, The Better”: Congress Should Raise Debt Ceiling Before August Recess, Mnuchin Says

zerohedge.com / by Tyler Durden / Jun 12, 2017 7:45 PM

Treasury Secretary Steven Mnuchin reiterated his preference for the debt ceiling to be raised before lawmakers break for August recess during testimony before the House Appropriations Committee on Monday.

Here’s Bloomberg’s summary of what was said during the hearing:

• Can’t imagine a scenario that the debt ceiling isn’t raised
• Mnuchin urges Congress to align the timing of raising the debt cap with the budget process
• Markets don’t want Congress to wait to raise the debt ceiling
• “The sooner we do it the better, there are events in the world that could make it more difficult to borrow”
• The debt ceiling should not be a Republican or Democrat issue, it should be an acknowledgment “that we have spent the money, we have to fund the government”

Mnuchin did not give lawmakers a hard deadline for when the debt ceiling needed to be raised but said it could wait until after Congress’s August recess, the Hill reported.

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