Financial firms raising alarm over U.S. debt ceiling

U.S. Treasury Secretary Steve Mnuchin speaks during a news briefing at the White House in Washington U.S. to announce sanctions against Ve

Mnuchin has repeatedly said that it's "critical" that Congress raise the debt ceiling by September 29. "Without raising the debt limit, I'm not comfortable that we will get the money that we need this month to Texas to rebuild". It is critical. And to do that, we need to make sure we raise the debt limit.

"I'm going to draft a sanctions package and send it to the president for his strong consideration so anybody (who) wants to do trade or business with them will be prevented from doing trade or business with us", Treasury Secretary Steven Mnuchin said on Fox News Sunday. The White House is asking Congress for $7.8 billion in immediate aid, plus another $6.7 billion within weeks ahead of the House of Freedom caucus, Mark Meadows, says he does not want to see that disaster aid tied to a bill to raise the debt limit. That could be a tough sell to some House Republicans, who are likely to vote only for the disaster relief funding.

The government's cash reserves are running low because the debt limit has actually already been reached, and the Treasury Department is using various accounting measures to cover expenses.

Outside of Harvey, Mnuchin told Wallace he was drafting a sanctions package regarding North Korea amid news that the country had detonated a hydrogen bomb as part of its sixth nuclear test. Our first priority is to make sure that the state gets money.

Harvey, which first came ashore on August 25 as the most powerful hurricane to hit Texas in 50 years, has killed an estimated 47 people, displaced more than 1 million and damaged some 200,000 homes in a path of destruction stretching for more than 300 miles (480 kms).

Cease-fire declared along Syrian-Lebanese border
Hezbollah has provided critical military support to Syrian President Bashar al-Assad during Syria's six-year-long war. The surrender of the remains of the fighters by the extremists took place at the border crossing of Mira.

Harvey, which came ashore on August 25 as the most powerful hurricane to hit Texas in more than 50 years, has killed an estimated 50 people, displaced more than 1 million and damaged some 200,000 homes in a path of destruction stretching for more than 300 miles (480 km).

Lawmakers and economists from both parties agree that the debt ceiling should be raised and warn that failing to do would mean a default on the nation's debt, which could cause global economic chaos.

"Providing aid in the wake of Harvey and raising the debt ceiling are both important issues, and Democrats want to work to do both", they said.

So, if we - if Congress appropriates the money, but I don't have the ability to borrow more money and pay for it, we're not going to be able to get that money to the state.

Members of US Congress return from summer recess Tuesday with the eyes of bond traders squarely upon them. In advocating for funds to help rebuild his state, Abbott said damage from Harvey would exceed that.

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