Mnuchin warns of 'late summer' default if no debt-limit increase

[WASHINGTON] Treasury Secretary Steven Mnuchin warned that the US government will face a default "late summer" unless Congress increases the debt ceiling.

Mr Mnuchin, testifying Wednesday before the House Financial Services Committee, said he's confident lawmakers will raise the debt ceiling before the deadline.

The limit snapped back into place on March 2. So far, the Treasury Department has been able to shift funds and take other so-called extraordinary measures to prevent a default on the government's debt.

BLOOMBERG