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US Government is running out of money faster than expected, Mnuchin warns



In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US would like to have its obligations as soon as early September, before Congress returns from its summer recess.

"Based on updated projections, there is a scenario in September, before Congress reconvenes, "Mnuchin wrote in a letter.

The Federal Government has not been able to borrow money since March, when congressional-mandated borrowing limits went back into force. The US Treasury, which faces a growing deficit thanks to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.

Pelosi and Mnuchin have said they are trying to jumpstart the budget, and that they have come to terms with their efforts to increase their energy efficiency.

Mnuchin and Pelosi are likely to speak again Friday. Mnuchin's letter to Capitol's Hill but she knew it coming.

In his letter, Mnuchin called on Congress to restore borrowing power.


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