Pelosi Sees Clear Understanding with Mnuchin On the Budget Deal

Trump administration Congress agree on spending levels Mnuchin

Trump administration Congress agree on spending levels Mnuchin

Treasury Secretary Steven Mnuchin said on Thursday during a CNBC interview that lawmakers were close to an agreement, and that he was confident the US government is not at risk of defaulting on its debt.

"Anybody in the U.S. that touches a Bitcoin is responsible for (enforcing) money laundering (regulations) and will be held accountable", Mnuchin told interviewers on CNBC's Squawk box.

Pelosi said on Wednesday she would like to have a proposal on raising the US debt ceiling on the House floor by July 25.

"I think that the (blockchain) technology has certain uses, (but) I want to be careful that anybody who's using Bitcoin - regardless of what the price is - is using it for proper purposes and not illicit purposes..." he added.

"I don't think the market should be concerned".

That debt limit increase would last two years, but there are still items that need to be ironed out, including spending cuts to fund the deal.

Treasury Secretary Steven Mnuchin is in talks to raise the debt ceiling of $22 trillion. So I don't think the market should be concerned, and we're working hard.

On Thursday, during an interview on CNBC, Mnuchin said the Trump administration, House and Senate have agreed on raising the federal borrowing limit for two years and have set budget cap numbers for 2020 and 2021.

Asia stocks firm as Fed props up rate cut expectations
He said it made more sense to cut rates by a smaller increment now and hold out the possibility of additional moves later. When adjusted for inflation, the neutral rate is near the Fed's current policy rate, which is in a range of 2.25-2.50%.

House Speaker Nancy Pelosi says she wants to get a deal by late Friday, so she can put the package on the House floor next week - before members leave town. Democrats have not agreed to these offsets.

House Appropriations Committee Chairwoman Nita Lowey (D-N.Y.) told reporters that negotiators have made progress but added that "until everything is settled, nothing is settled". "We've been very firm though about a decision".

"The conversations are robust, direct and honest, and we're hopeful for conclusion as soon as feasible", he said.

Later, when asked about where things stood, Pelosi simply responded, "It's alive", referring to the status of talks.

He also reiterated that the US would begin to run out of cash to pay its bills in the beginning of September if the debt ceiling isn't raised, but he sought to calm anxiety in the markets. The Trump administration, meanwhile, is looking for offsets for spending increases.

U.S. Treasury Secretary Mnuchin said that the authorities will be preventing Bitcoin from becoming the equivalent to the Swiss-numbered bank accounts.

Trump hasn't weighed in publicly yet on what he might do or what type of deal he might accept.

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