(Reuters)White House Office of Management and Budget Director Mick Mulvaney on Wednesday said that tax receipts were coming in “slower than expected” and that the federal government could run out of cash sooner than it had thought. In 2015, the Obama administration and Congress agreed to suspend the debt ceiling, but the extension expired in mid-March. Mulvaney said that the White House did not have a “stated policy yet” on what Congress should do about the debt ceiling. Mnuchin has in the past urged Congress to raise or suspend the debt limit, a sentiment he amplified Wednesday. If tax receipts are coming in slower than expected, that could increase pressure on lawmakers to raise or suspend the debt ceiling by the August recess.

Source: Washington Post May 24, 2017 18:31 UTC