“The White House lacks a unified plan to increase the government’s borrowing cap as a likely September deadline is drawing near,” the AP reports.
Said budget director Mick Mulvaney: “It’s fair to say we haven’t settled on a final way to address the debt ceiling any more than the Hill has.”
“A failure by Congress to raise the debt ceiling could 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.”
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