Treasury's Mnuchin urges Congress to raise the debt ceiling before August recess

Key Points
  • Treasury Secretary Steven Mnuchin urges Congress to raise the debt ceiling before its August recess
  • Mnuchin says he prefers a "clean" debt limit increase
Mnuchin: Raise the debt ceiling before summer recess

Treasury Secretary Steven Mnuchin on Wednesday pushed Congress to raise the federal borrowing limit before its August recess, earlier than previously expected.

"I urge you to raise the debt limit before you leave for the summer," Mnuchin said during testimony before the House Ways and Means Committee.

He said he would prefer a "clean" debt ceiling increase, which would not include additional partisan provisions.

Mnuchin previously said the deadline to raise the limit and avert a default on U.S. debt would come some time during the fall.

The earlier deadline adds another complication to a packed legislative schedule in Congress. Republicans are currently aiming to replace Obamacare and pass an appropriations bills in the coming months, as well as overhaul the U.S. tax system before the end of the year.

In congressional testimony earlier Wednesday, Office of Management and Budget Director Mick Mulvaney said "receipts currently are coming in a little bit slower than expected."

— The Associated Press contributed to this report