July 28, 2011 / 10:43 PM / 8 years ago

Post-Aug 2 plan may be unveiled as soon as Friday

WASHINGTON (Reuters) - The U.S. Treasury will unveil a plan as soon as Friday evening on how the government will function and pay its bills if it looks like Congress will not raise the debt ceiling in a timely manner, an administration official said on Thursday.

Republican and Democratic lawmakers are scrambling to broker a deal to raise the country’s $14.3 trillion debt cap before Tuesday, when the Treasury will no longer be able to borrow funds to meet all of its obligations.

The administration official said the timing of Treasury’s announcement depends on whether Congress is making progress to raise the debt ceiling.

Reporting by Tim Ahmann; Editing by Leslie Adler

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