July 12, 2019 / 3:27 PM / a year ago

U.S. Treasury's Mnuchin urges Congress to raise debt ceiling

FILE PHOTO - Treasury Secretary Steven Mnuchin answers question from reporters about the United States new sanctions on Iran at the White House in Washington D.C., U.S., June 24, 2019. REUTERS/Carlos Barria

WASHINGTON (Reuters) - 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.

Reporting by Andrea Ricci; Editing by Chizu Nomiyama

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