WASHINGTON (Reuters) – U.S. Secretary Steven Mnuchin said on Monday the administration and Congress are getting close to a deal on raising the U.S. debt ceiling and he has urged lawmakers to take action on the issue before their August recess.
“I think there is a preference on both parties, to the extent that we can agree on the debt ceiling and a budget deal, that is the first choice, and I think that we’re getting closer,” Mnuchin told reporters during a briefing at the White House.
Mnuchin said that if a deal on all of the issues were not reached before lawmakers were scheduled to take off, they should either stay put or approve an increase in the debt ceiling on its own.
“I think we’re very close to a deal, but as you know, these deals are complicated,” he said.
“I’m very hopeful we can come to … an agreement quickly, but having said that, if for whatever reason we cannot agree on all these issues before they leave, I would either expect them to stick around or raise the debt ceiling.”
Mnuchin said he was not concerned about the prospect of a government shutdown related to the budget discussions.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.