Congress will confront a potentially devastating financial crisis in September as lawmakers scramble to avert a government shutdown and prevent the nation from defaulting on its debt for the first time in history.
Treasury Secretary Steven Mnuchin has warned congressional leaders that the government will run out of money to pay its bills by Sept. 29 unless lawmakers vote to raise the debt limit.
Funding to keep the government open is set to expire two days later, on Oct. 1, unless Congress can agree on a spending deal during the approximately three weeks it will be in session in September.
“September is going to be a very difficult month. Obviously all of this is coming into play right away,” House Freedom Caucus Chairman Mark Meadows, R-N.C., told reporters before the House adjourned for its August recess.