Mnuchin urges Congress to quickly pass new debt limit

WASHINGTON (AP) - Treasury Secretary Steven Mnuchin is telling congressional leaders that Congress should raise the debt ceiling before leaving for its August recess. He says he could run out of maneuvering room to avoid an unprecedented default on the national debt before lawmakers return.

In a letter Friday to House and Senate leaders, Mnuchin says that based on updated projections, "there is a scenario in which we run out of cash in early September, before Congress reconvenes."

House Speaker Nancy Pelosi said on Thursday that she would like to complete a deal with President Donald Trump this month to raise the borrowing limit and set spending levels for the coming budget year.