Published: Mon, September 04, 2017
Global | By Maureen Mccoy

Funds for Harvey victims may be delayed without debt limit increase: Mnuchin

Funds for Harvey victims may be delayed without debt limit increase: Mnuchin

"I'm going to draft a sanctions package to send to the president for his strong consideration, that anybody that wants to do trade or business with them would be prevented from doing trade or business with us", Mnuchin explained.

"Without raising the debt limit, I am not comfortable that we will get money to Texas this month to rebuild", Mnuchin told Fox News. "It is absolutely critical, and the president is committed to making sure that the states have the money that they need".

Treasury Secretary Steven MnuchinSteven Terner MnuchinFormer "West Wing" star urges people to write "Harriet Tubman" on bill Texas lawmaker: Harvey may have "trillion-dollar impact" Mnuchin: More tax details coming shortly MORE said Sunday that he and President Trump believe the debt limit should be tied to Hurricane Harvey relief funding.

The United States is scheduled to reach its debt limit by the end of the month unless Congress raises the ceiling.

Trump is asking for at least $7.9 billion in disaster relief. We need to make sure that we can get to Texas the appropriate amount of money to rebuild the state.

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.

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He added that Trump and his first objective right now is for the people of Texas.

The Trump administration signaled Sunday it wants to attach funding for the Hurricane Harvey recovery to a bill to lift the debt ceiling, putting it at odds with House conservatives who specifically warned GOP leaders not to do that.

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). Congressional leaders would have to look at whether the votes are there, he said. "Given the interplay between all the issues Congress must tackle in September, Democrats and Republicans must discuss all the issues together and come up with a bipartisan consensus", House Democratic Leader Nancy Pelosi and Senate Democratic Leader Chuck Schumer said in a joint statement.

"The way we are going to pay for things is with economic growth", Mnuchin said.

"That's one way to do it", Blunt said on NBC's "Meet the Press".

Members of US Congress return from summer recess Tuesday with the eyes of bond traders squarely upon them.

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