Mnuchin Warns of ‘Late Summer’ Default if No Debt-Limit Increase

Congressional leaders negotiating link with spending levels

by Saleha Mohsin and Erik Wasson

Treasury Secretary Steven Mnuchin warned that the U.S. government will face a default in “late summer” unless Congress increases the debt ceiling.

Mnuchin, testifying Wednesday before the House Financial Services Committee, said he’s confident lawmakers will raise the debt ceiling before the deadline.

The limit snapped back into place on March 2. So far, the Treasury Department has been able to shift funds and take other so-called extraordinary measures to prevent a default on the government’s debt.

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