Aaron P. Bernstein | Reuters
Office of Management and Budget Director Mick Mulvaney testifies before the House Budget Committee about President Donald Trump’s 2018 budget proposal on Capitol Hill in Washington, D.C., U.S. May 24, 2017.
White House budget director Mick Mulvaney says the administration is likely to tell lawmakers they’ll need to act earlier than expected to increase the government’s borrowing cap.
Mulvaney told the House Budget Committee that “receipts currently are coming a little bit slower than expected.” He says Congress may soon hear from Treasury Secretary Steven Mnuchin about a change in the deadline to raise the debt ceiling.
Mnuchin had previously advised that the deadline to for Congress to act — and avert a first-ever default on U.S. obligations — was sometime in the fall.
The administration has privately informed GOP leaders that it would like Congress to act before the annual August recess.
The debt vote is sure to be difficult for Republicans controlling Congress, most of whom voted against debt limit increases during former President Barack Obama’s tenure.