Mnuchin announces steps to avoid broaching debt limit

Mnuchin announces steps to avoid broaching debt limit

Treasury Secretary Steven Mnuchin is alerting Congress that he will start taking emergency measures this week to keep the government from going above the debt limit when it goes back into effect on Friday.

In a letter to congressional leaders, Mnuchin said Wednesday he would begin using the "extraordinary measures" at noon on Friday. Mnuchin said he was ready to use various bookkeeping maneuvers to buy time until Congress raises the debt limit.

Earlier this year, Congress agreed to suspend the debt limit, allowing the government to borrow as much as it needed. But that suspension ends on Friday. The debt that will be subject to the limit currently stands at $20.5 trillion. Experts believe Mnuchin has enough maneuvering room to stay under the limit until February or March.