Treasury Secretary Steve Mnuchin informed Congress on Friday that action would be needed on the debt ceiling by September 29th.
“Based upon our available information, I believe that it is critical that Congress act to increase the nation’s borrowing authority by September 29, 2017. I urge Congress to act promptly on this important matter,” Mnuchin wrote in a letter addressed to Speaker Paul Ryan (R-Wis.).
The Treasury Department estimates it will run out of funds to pay its debts and interest on that date and financial markets will be watching loosely for action. If Congress fails to act, the U.S. would default.
The date falls on a Friday and coincides with the last weekday of fiscal 2017.
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