U.S. to prepare new draft sanctions on N. Korea: Treasury chief

Sep 04, 2017, 11:29
U.S. to prepare new draft sanctions on N. Korea: Treasury chief

"Without raising the debt limit, I'm not comfortable that we will get the money that we need this month to Texas to rebuild". "I feel a lot of Houston is drying out, and I don't want them to forget about us", she said.

"I requested that Mitch M. & Paul R tie the Debt Ceiling legislation into the popular V.A. bill (which just passed) for easy approval".

Mnuchin originally had said that Congress would need to raise the $19.9 trillion borrowing limit by September 29 to avoid a catastrophic default on the debt, allowing the government to continue borrowing money to pay bills like Social Security and interest. "I know that the wall is a huge priority to the president and we want to make sure that we get money for that".

Senator Roy Blunt, a junior member of the Senate's Republican leadership, said it was possible lawmakers could tie legislation raising the USA debt ceiling - an unpopular step among some Republican conservatives - to legislation providing financial aid for recovery from Harvey. So, we need to put politics aside and we're going to be urging Congress to get both of those things done as quickly as they can. In fact, the nation's debt limit has already technically been reached but the Treasury Department is using numerous accounting measures to pay the bills.

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But on Sunday, he said that deadline had moved up due to unexpected new spending on Harvey.

Speaking on Fox News, Mnuchin said he would ask U.S. President Donald Trump to strongly consider cutting off all trade with new sanctions.

Mnuchin said he thinks if the debt limit isn't raised, that will interfere with the storm relief effort.

S&P warned last week that failure by Congress to lift the debt ceiling would likely be "more catastrophic" than the collapse of Lehman Brothers in 2008 that led to the global financial crisis.

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The White House disaster aid request includes $7.4 billion for the Federal Emergency Management Agency and $450 million for the Small Business Administration.

Goldman Sachs, an American financial services company, estimated that failure to raise the ceiling would force a government spending cut equal to between 3 and 4 percent of United States gross domestic product, which would have crippling economic consequences.

On Sunday, Texas Gov. Greg Abbott described the federal aid package as an important initial "down payment" on Harvey relief that he expects will come to $150 billion to $180 billion. We need to help the people in Texas, and we need to get that done.

Blunt said relief money should be given out multiple times on an as-needed basis rather than in a large lump sum as was done for Hurricane Sandy in 2002.

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