U.S. Treasury's Mnuchin says U.S. to hit debt limit in late summer

Treasury Secretary Steven Mnuchin testifies before the House Financial Services Committee hearing on "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System" in Washington, U.S., May 22, 2019. REUTERS/Mary F. Calvert

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin on Wednesday urged Congress to raise the U.S. debt ceiling as soon as possible, saying the U.S. government was expected to exhaust its borrowing authority around late summer.

“I haven’t given an exact date, but I would say it’s late summer,” Mnuchin told a hearing of the House of Representatives Financial Services Committee, when asked about the timing of the potential crisis.

“I share your concern. I would urge Congress to raise the debt ceiling as soon as possible,” Mnuchin said.

Reporting by Andrea Shalal; Editing by Chizu Nomiyama