Republicans are in the dark about their party’s backup plan for raising the debt ceiling amid growing anxiety that they will need to do so in a matter of weeks.
Leadership wants to attach an increase in the nation’s borrowing limit to a budget deal, which would let them consolidate two tough political votes. But while Congress has until January to avoid deep budget cuts, it appears increasingly likely it will have to vote to raise the debt ceiling before leaving for the August recess.
Underscoring the urgency, Treasury Secretary Steven Mnuchin sent letters to congressional leadership Friday requesting Congress vote before the recess, after first indicating to reporters that it was his “preference” lawmakers act this month.
View the complete July 14 article by Jordain Carney on The Hill website here.