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7/12, 6:47 PM (Source: TeleTrader)
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Congress may temporarily raise debt ceiling – report

An unnamed senior source from the United States Congress told Fox on Friday that lawmakers are looking at the possibility to adopt a temporary increase before summer recess for the debt ceiling. The insider claimed the period could be "a couple of months or even longer." Earlier, Secretary of the Treasury Steve Mnuchin warned House Speaker Nancy Pelosi and other leaders of both chambers that cash could run out in early September, before they reconvene.

Members of the Democratic Party are trying to include spending caps in negotiations, the report adds and notes they expire only in January. Pelosi and Mitch McConnell, who heads the Republican majority in Senate, have hinted at a potential two-year budget agreement.

Breaking the News / IT