Treasury Secretary Steven Mnuchin notified Congress Wednesday that he will begin taking “extraordinary measures” on March 2 to prevent defaulting on the debt and asked lawmakers to raise the debt ceiling.
The debt ceiling, was was suspended in a government funding compromise in 2018, goes back into effect on March 1, at which point the U.S. will be at the legal limit of its debt, barring congressional and executive branch action, forcing Mnuchin to shift funds around government accounts to pay incoming bills.
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