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IPFS News Link • Congress-Congressmen

Mnuchin calls on Congress to raise debt limit as deadline approaches

• cnbc.com by Jacob Pramuk & John W. Schoen

In a letter to congressional leaders dated Wednesday, Mnuchin said the Treasury will stop issuing certain state and local securities on March 15, when the most recent suspension of the debt limit expires. Mnuchin said the Treasury will likely start taking "extraordinary measures" the next day, when the U.S. will be at its statutory limit, to prevent default.

"As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment. I encourage Congress to raise the debt limit at the first opportunity so that we can proceed with our joint priorities," Mnuchin wrote.

Those extraordinary measures, which could help the government to pay its bills for months, include things like postponing contributions to retirement funds for federal employees.


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