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Treasury's Mnuchin Says U.S. Has Enough Cash to Meet Obligations 'Through September'

DOW JONES & COMPANY, INC. 9:11 AM ET 6/20/2017

WASHINGTON -- Treasury Secretary Steven Mnuchin said Tuesday he isn't concerned about U.S. tax receipts coming in lower than expected in recent months.

If the trend continues, it could shorten the amount of time the government has before it runs out of cash to pay its bills unless Congress raises the federal borrowing limit. The government hit that limit in mid-March and has been using extraordinary measures since then to meet its obligations, including payments on government debt as well as other programs such as Social Security and veterans benefits.

Mr. Mnuchin told CNBC in an interview Tuesday that the government has enough cash to pay its bills "through the beginning of September." A short time later, in an interview on Bloomberg TV, he said Treasury could meet its obligations "through September" if Congress doesn't raise the debt limit before leaving for a five-week summer recess.

"There are certain individuals and businesses that are pushing off taxes until later in the year, but nothing that we're concerned about," he told CNBC.

Still, Mr. Mnuchin urged Congress to raise the debt limit before lawmakers leave Washington on July 28.

Unlike the Obama administration, the Trump Treasury Department hasn't provided a formal forecast of when it expects to exhaust the extraordinary measures and run out of room to pay the government's bills in full and on time.

Write to Kate Davidson at [e-mail]


(END) Dow Jones Newswires
06-20-170911ET
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