Debt ceiling

Treasury Secretary Steven Mnuchin warned that the U.S. could run out of money as soon as the first week of September to pay its bills, especially with a Hurricane Harvey recovery fund in the works. He asked Congress to let him issue more debt to get more cash. (The U.S. spends more than it takes in, and it sells debt to investors to make up the difference.) Trump struck a deal with congressional Democrats to raise the debt ceiling for just three months, and then push to get rid of it entirely, overriding Republicans' plan to raise the debt ceiling through November 2018. When Congress revisits the debt ceiling in December, Republicans may need Democrats' help again, since fiscally conservative Republicans are hesitant to approve something that could force the U.S. further into debt without cutting spending elsewhere.