US treasury chief will raise debt limit

US Treasury Secretary Steve Mnuchin stated on Thursday that he was confident Congress would raise the federal debt limit with US creditworthiness “before there’s an issue”.

Mnuchin claimed that the Trump administration’s tax reform plans would be paid for. Prior to his announcement yesterday, Mnuchin claimed that he wanted a “clean” debt ceiling increase last week before the start of Congress’ break in August. He also stated that the debt ceiling deadline should be addressed sooner than expected.

“We’re going to get it increased,” the former banker said to Fox Business Network about the debt limit. “The credit of the United States is the utmost.

“I’ve said to Congress they should do it as quickly as they can. But we are very focused on working with them and I’m confident we’ll get there before there’s an issue.”

Back in January, Mnuchin vowed that a tax cut, part of what would be the biggest overhaul since the 1980’s, would not benefit the wealthiest Americans.

The drop in tax revenue from the Treasury’s monthly budget statement that came out in April has further sparked concern for top officials. Trump’s promise of tax cuts has allowed America’s wealthiest to put off some of their tax bills this year.


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