Mitch McConnell: 'Zero chance' Congress fails to raise debt ceiling

Sen. Majority Leader Mitch Mc Connell and President Donald Trump.   Pool  Getty Images

Sen. Majority Leader Mitch Mc Connell and President Donald Trump. Pool Getty Images

What is still unclear is how the debt ceiling might get raised, while the bill will be a significant test for the Republican majorities in Congress and President Donald Trump. "No chance", McConnell said at an event in Kentucky with Treasury Secretary Steven Mnuchin.

Senate Majority Leader Mitch McConnell on Monday insisted the USA government will raise the debt ceiling and avoid defaulting on its debt.

Mnuchin, whose action-film credits include "Mad Max: Fury Road", "The Lego Batman Movie" and "Suicide Squad", said that he will be only the third secretary of the Treasury who has gone inside the vault since it was created in 1936 by President Franklin Delano Roosevelt.

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"This is not about spending money", Mr. Mnuchin said.

"We're going to get the debt ceiling passed", he said.

Mnuchin urged Congress to pass a "clean" increase in the debt limit, referring to a bill that simply increases the debt ceiling and has no other policy changes or budget cuts attached to it.

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On Monday, Mnuchin said the debt ceiling was his top priority when lawmakers return from recess next month.

Congress has until September 29 to raise the debt ceiling before the government risks defaulting on its debt.

The Treasury Department has been drawing down its cash reserves for months to delay the hard vote on the debt ceiling. Last week, this cash reserves account had just $82 billion in cash remaining.

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If the debt ceiling isn't raised to allow new borrowing, the USA could default on its debt or miss payments of benefits and salaries.

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