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U.S. Treasury Secretary Nouchin said Monday that the Trump Administration and Congress are about to reach an agreement on raising the U.S. debt ceiling, and he urged members of Congress to take action on the issue before the August recess.
In addition, Nuchin told reporters at a White House briefing that he and Congressional leaders had been discussing a possible two-year budget agreement that would set overall federal spending levels for fiscal 2020 and fiscal 2021. Fiscal year 2020 begins on October 1.
Nuchin said he did not think the government would close down because of the problem. He said both parties had their own priorities for reaching agreement on the debt ceiling and budget.
"That's the first choice, I think... we're close to reaching agreement." Nuchin said.
According to the latest government estimates, US borrowing authority may be exhausted sometime in September, rather than October or November as earlier predicted.
This means that if agreement is not reached in time to raise the debt ceiling, the government will reach the debt ceiling as soon as Congress closes in the autumn.
If the borrowing authority cannot be extended, the Treasury will find it difficult for lenders to continue repaying more than $22 trillion in public debt, which may lead to debt defaults that could shake global financial markets.


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