January 8, 2018 / 3:44 PM / in 5 months

Treasury secretary asks Congress to lift debt ceiling by Feb. 28: report

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin has asked Republican leaders in Congress to lift the federal government’s debt ceiling by Feb. 28, Bloomberg News reported on Monday, citing two sources familiar with the talks.

U.S. Treasury Secretary Steven Mnuchin stands with Chairman on the National Economic Advisory Gary Cohn and Commerce Secretary Wilbur Ross before President Donald Trump celebrated with Congressional Republicans after the U.S. Congress passed sweeping tax overhaul legislation, on the South Lawn of the White House in Washington, U.S., December 20, 2017. REUTERS/Carlos Barria

The U.S. Treasury Department will exhaust all of its borrowing options and run dry of cash to pay its bills by late March or early April if Congress does not raise its borrowing authority by then, the nonpartisan Congressional Budget Office has said.

Writing by Susan Heavey

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