Politics Mnuchin Says U.S. Can Pay Bills Through Congress Summer Break
Trump signs bills to help police officers, veterans
President Trump said he was “very happy” to sign into law two bills to provide help law enforcement officers and veterans.President Trump said Friday he was “very happy” to sign into law two bills that would provide help to members of law enforcement and veterans.
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U . S . government can pay its bills through early September - Mnuchin - Washington can pay its bills through at least early September under a current limit on federal borrowing, Treasury Secretary Steven Mnuchin said on Monday, urging lawmakers to raise the debt limit soon.
(Bloomberg) -- U.S. Treasury Secretary Steven Mnuchin said he’s “comfortable” the government can be funded until the start of September even as he urged Congress to lift the debt cap as quickly as possible to avoid agitating markets.
The administration has “back-up plans” if Congress doesn’t approve a debt-ceiling increase by their five-week recess through Sept. 5, Mnuchin said during a hearing before the House Appropriations Committee in Washington on Monday. “The sooner we do it the better. There are events in the world that could make it more difficult to borrow.”
Trump files for extension on his 2016 taxes
President Trump filed for an extension on his 2016 taxes, CBS News has confirmed . It's a rare piece of information about Mr. Trump's tax returns, which he and his administration have repeatedly declined to release to the public. In April, Treasury Secretary Steve Mnuchin said the president has "no intention" of releasing his returns, although Mnuchin later said he hadn't spoken with the president about the topic. Protesters led events across the country in April urging the president to release his returns, to the extent that Mr. Trump's motorcade took a different route in Florida to avoid them.
President Donald Trump will huddle with congressional leaders on Tuesday, seeking to rev up a stalled legislative agenda as the summer break draws closer. Trump plans to nominate Mnuchin ally for key comptroller of the currency role.
OTTAWA — U . S . Treasury Secretary Steven Mnuchin said Friday that he has "plans and backup plans for funding the government" into at least. During one meeting, Morneau tried to walk the U . S . officials through Canada's governing process. "Over the next few days, we need to pass our budget bill
While the government hit its borrowing limit in March, it’s been relying on special accounting maneuvers to stay under the current debt ceiling of nearly $20 trillion. Only Congress can increase the legal limit on how much the government can borrow. Failure to lift that cap could put the U.S. at risk of defaulting on its financial obligations, including to investors.
The debate on raising it has grown fraught in recent years as lawmakers sought to use it for leverage on spending controls. Mnuchin on Monday repeated his call for a ”clean” vote on legislation raising the debt cap that has no strings attached. Congress may look to pair the debt-increase bill with conditions.
While it’s unimaginable that Congress wouldn’t authorize a borrowing increase, markets don’t want a delay on that decision, said Mnuchin.
Debt limit showdown looms sooner as wealthy bet on Trump tax cut
<p>The U.S. Congress may be headed for a reckoning with the federal debt limit within weeks, thanks to wealthy Americans and corporations deferring tax payments in the hope that they would benefit from the lower tax rates promised by President Trump.</p>Trump promised tax cuts during his election campaign last year and has reiterated those promises in recent months leading some wealthy Americans and businesses to shift accounting for income into the future, betting that lower tax rates will arrive, perhaps in 2018, wealth managers told Reuters.
Mnuchin said he' s hopeful Democrats would work with the GOP on taxes as well. Lawmakers are likely to use budget reconciliation, which requires just a simple majority vote in the Senate, to get tax reform through . Walmart Workers to Executives: We Can't Pay Our Bills .
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Mnuchin’s estimated time frame for exhausting the U.S. borrowing capacity is in line with the latest projections of independent economics and analysts.
The Treasury’s cash balance may fall as low as $40 billion in the first two weeks of September, below the precautionary minimum of $150 billion, according to Lou Crandall, chief economist at Wrightson ICAP LLC. Crandall sees the the “drop-dead date” to raise the ceiling in the month of October, as opposed to earlier forecasts of sometime in October or November.
The federal government probably has enough cash to last until September even as slower revenue and rising spending widens the budget deficit, Wells Fargo economists Michael A. Brown and Michael Pugliese said in an emailed note on Monday.
“We estimate the Treasury will hit the debt ceiling sometime in early September,” they said. “We expect that Congress will act on the debt ceiling before the August recess to alleviate the need to rapidly address the issue upon their return.”
Treasury chief: At times, a gov't shutdown could be 'good'
Treasury Secretary Steven Mnuchin seems to agree with President Donald Trump.Mnuchin told the Senate Budget Committee that "at times there could be a good shutdown," though he added it's not the administration's "primary objective.
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The U.S. budget gap increased to $88.4 billion in May from $53 billion a year earlier, according to Treasury Department figures released Monday. Revenue rose 7 percent while spending climbed 19 percent, the data showed.
Tax revenue this fiscal year has grown by 3 percent less than the Congressional Budget Office had projected. Mnuchin has said anticipated tax cuts the Trump administration has promised this year may help explain the revenue slowdown, but that he’s not concerned.
The wealthy may have deferred recognizing as much as 20 percent of their taxable income last year, according to independent estimates, a move that is legal and allows them to delay paying taxes on non-wage earnings including capital gains.
President Donald Trump’s administration has vowed to slash taxes for individuals and businesses this year.
The Bipartisan Policy Center projected on Monday that the U.S. will need to increase the debt ceiling by October or November to avoid a payment default, in an updated forecast reflecting the May cash flow data from Treasury.
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GOP considers cancelling August recess to salvage agenda .
Alarmed by the stalemate on healthcare reform, lack of progress on tax reform and appropriations bills that are far behind schedule, Republican lawmakers across Congress are increasingly willing to consider cancelling the month-long August recess. Senate Republican negotiators reported that they are not close to a deal on healthcare reform and that scheduling a vote by July 4, which Senate Majority Leader Mitch McConnell (R-Ky.) has pushed, is likely unrealistic.That impasse has held up work on a budget resolution, which is necessary to move tax reform and the annual appropriations bills.
Mnuchin Defends Trump Tax Plan - Full House Hearing
US Treasury Secretary Steven Mnuchin testifies about President Donald Trump's proposed budget and tax plan before the House Ways and Means committee.