Mnuchin frets having Harvey money, wants Congress to raise debt limit ASAP

Treasury Secretary Steven Mnuchin speaks during the news briefing at the White House in Washington Friday Aug. 25 2017

Mnuchin said that people need to cut off North Korea economically and did not rule out the possibility of implementing stronger regulations on Chinese companies and financial institutions doing business with the North.

Bitter divisions among Republican Party lawmakers and President Donald Trump's unpredictability could rule out a deal to raise the U.S. debt limit before an October deadline, several lobbyists representing dozens of bankers, investors and credit rating agencies, told Reuters.

Treasury Secretary Steven Mnuchin said on Sunday that he and President Donald Trump want to tie federal aid for Hurricane Harvey recovery to legislation raising the debt ceiling.

Even that amount could be delayed unless Congress quickly increases the government's debt ceiling, Mnuchin said, as the United States is on track to hit its mandated borrowing limit by the end of the month unless Congress increases it.

"The president and I believe the [debt ceiling] should be tied to the Harvey funding", Mnuchin told "Fox News Sunday".

If Congress approves the relief but additional money is not borrowed, "we're not going to be able to get that money to the state".

The government's cash reserves are running low because the debt limit has actually already been reached, and the Treasury Department is using various accounting measures to cover expenses.

But on Sunday, he said that deadline had moved up due to unexpected new spending on Harvey. Congress must act by September 29 in order to raise the debt ceiling, a more contentious vote than the one for Harvey aid.

Apple sets iPhone 8 launch date for September 12
There are also rumours of an under-the-display fingerprint sensor but according to analysts, the feature might not make it in time.

But Houston Mayor Sylvester Turner said his city was making progress on several fronts, resuming city services and helping get people into housing and out of emergency shelters.

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.

Senate Minority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Nancy Pelosi (D-Calif.) said in a joint statement that Democrats will work with Republicans for a deal on the debt ceiling and Harvey money.

"This is where we come to the part where Congress plays a role".

He also suggested the White House wasn't overly concerned about whether the plan includes ways to offset the loss of federal revenue from the tax cuts.

Blunt, on NBC, said Hurricane Harvey has created "another reason as to why you'd want to keep the government open" by passing legislation to fund the government this month.

Members of US Congress return from summer recess Tuesday with the eyes of bond traders squarely upon them.

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