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Treasury secretary asks Congress to raise debt ceiling

U.S. Treasury Secretary Steven Mnuchin on Friday urged Congress to increase the nation’s debt ceiling before its summer recess.
In a letter to House Speaker Nancy Pelosi, Mnuchin said that while there was “reasonable uncertainty” in projecting government cash flows, updated projections showed “there is a scenario in which we run out of cash in early September, before Congress reconvenes.”
“As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess,” he said.