Treasury Secretary Steven Mnuchin told Congress late Tuesday night to raise the federal debt ceiling quickly, laying out the financial management he is undertaking to keep paying the government's bill's through February.
"I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the statutory debt limit as soon as possible," Mnuchin wrote in a letter addressed to House Speaker Paul Ryan.
Mnuchin explained he was taking additional steps to prevent the Treasury from bumping up against the limit, currently set at $20.5 trillion. The Treasury has been at the limit since December, and Mnuchin has been shifting funds between federal accounts to keep paying incoming bills without increasing the debt.
Like Treasury secretaries from both parties before him, Mnuchin has lobbied Congress to raise the debt ceiling quickly.
On Tuesday, he also testified in the Senate that he would be interested in bipartisan legislation to do away with the debt ceiling altogether.