Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
House Speaker Nancy Pelosi says she wants her chamber to vote on a debt ceiling and budget deal by July 26.Politicsread more
Philips has acquired a start-up that texts you about your poop. That's Medumo, a Boston-based company, which works with hospitals to guide their patients through common...Technologyread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to a campaign finance probe of Cohen should be unsealed — and denied a...Politicsread more
The U.S. economy continued growing at a "modest" rate in recent weeks, with consumers continuing to spend and a "generally positive" outlook overall even in the face of...Economyread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Facebook's head of Calibra David Marcus is grilled during a House Financial Services Committee hearing over the company's digital currency plans.Technologyread more
The Treasury Department said it could run out of cash in two months, asking Congress to increase the debt ceiling before lawmakers leave for a six-week recess.
"Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes," Treasury Secretary Steven Mnuchin said in a letter to House Speaker Nancy Pelosi on Friday.
"As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess," Mnuchin said.
Lawmakers and the Trump administration are rushing to pass a spending deal and raise the U.S. borrowing limit to avoid another government shutdown. Mnuchin previously said the White House will offer a one-year continuing resolution and debt ceiling increase if the two sides cannot strike a deal.
Funding for the current fiscal year runs out Sept. 30. The government partially shut down for a record 35 days in December and January after funding lapsed.
Here's the full letter from the Treasury Department to Congress:
Dear Madam Speaker:
Since there is a reasonable uncertainty in projecting government cash flows, it is impossible to identify precisely how long extraordinary measures will last. We model various scenarios for our cash projections. Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes.
As such, I request that Congress increase the debt ceiling before Congress leaves for summer recess.
Steven T. Mnuchin