White House without a plan to address debt ceiling
WASHINGTON - The White House budget director says the administration lacks a unified plan to increase the government's borrowing cap as a likely September deadline is drawing near.
A failure by Congress to raise the debt ceiling could possibly send dangerous shockwaves through the global economy. The federal government could be at risk of defaulting on obligations such as interest payments on bonds as well as temporarily halting benefit programs.
Mick Mulvaney, director of the White House Office of Management and Budget, suggested in an interview with reporters on Thursday that neither the administration nor Capitol Hill lawmakers have set their terms for an agreement.
Mulvaney said: "It's fair to say we haven't settled on a final way to address the debt ceiling any more than the Hill has."