WASHINGTON (AP) – The White House lacks a unified plan to increase the government’s borrowing cap as a likely September deadline is drawing near, said Mick Mulvaney, director of the Office of Management and Budget.
A failure by Congress to raise the debt ceiling could possibly send dangerous shockwaves through the global economy. The federal government could be at risk of defaulting on obligations such as interest payments on bonds as well as temporarily halting benefit programs.
The White House budget director suggested in an interview Thursday with reporters that neither the Trump administration nor Capitol Hill lawmakers have set their terms for an agreement.
“It’s fair to say we haven’t settled on a final way to address the debt ceiling any more than the Hill has,” Mulvaney said.
The former South Carolina congressman added that none of this was necessarily “unusual.”