Steven Mnuchin warns Congress the government is running out of money faster than expected

Posted at 9:05 AM, Jul 12, 2019
and last updated 2019-07-12 11:05:26-04

Treasury Secretary Steven Mnuchin on Friday issued a warning Friday that the US government is at risk of running out of cash sooner than expected.

In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.

“Based on updated projections, there is a scenario in which we run of out cash in early September, before Congress reconvenes,” Mnuchin wrote in a letter.

He called on Congress to increase the debt ceiling before Congress departs for its regular August recess.

This is a breaking story and will be updated.