Ryan won’t commit to Treasury timetable for debt increase

WASHINGTON – House Speaker Paul Ryan won’t commit to holding a vote to increase the government’s borrowing authority this summer.

The Wisconsin Republicans instead says the House will vote on such debt legislation before the government defaults — but not necessarily by an August deadline requested last month by Treasury Secretary Steven Mnuchin.

Increasing the so-called debt limit is needed to avert a first-ever default on U.S. obligations such as interest payments and Social Security benefits.

The government has officially hit its borrowing capacity, but Mnuchin is using accounting manoeuvrs to maintain the government’s solvency for the time being.

Mnuchin hasn’t publicly said when Treasury will run out of options to avert a default, but outside experts have estimated that the government probably won’t run out of money until September or later.