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.
A study of the leadership pipeline at the UK’s FTSE 100 corporates shows modest progress, but many top companies still have no ethnic minority presence.
The information and communications technology sector is suffering a triple whammy from slower growth, thin profit margins and fierce competition, claims Atradius.
The world’s third-largest economy expanded by 1.0% in the second quarter of 2017 over Q1, giving an annual rise of 4.0% in gross domestic product for the year to June.
The week’s aggressive rhetoric from the US and North Korea have contributed to a rally in defensive assets in global financial markets.