Debt ceiling will be lifted by summer, Mnuchin says
United States Treasury Secretary Steven Mnuchin voiced confidence at the Institute of International Finance Washington Policy Summit on Thursday that the administration of President Donald Trump would manage to "raise the debt ceiling by summer." The debt limit, which is imposed by the Congress, sets out how much the Treasury can borrow to settle the government’s bills.
The Congress suspended the debt ceiling on November 2, 2015. The decision remained in effect until March 15 this year. In early March, the Treasury secretary sent a letter to congressional leaders, calling on the institution to "raise the debt limit at the first opportunity." "The Treasury anticipates that it will need to start taking certain extraordinary measures in order to temporarily prevent the United States from defaulting on its obligations," Mnuchin had written.