The U.S. government hit its self-imposed debt limit back in March, and Congress may not get around to raising it before it heads off on its summer vacation. This does not concern Steve Mnuchin one bit, even though that Congressional recess isn’t set to end until the beginning of September, which is exactly when the Treasury Secretary says the government will run out of money. That’s because he fully expects all those taxes that haven’t been rolling in recently to do so right around the time he’ll really need it.
“There are certain individuals and businesses that are pushing off taxes until later in the year, but nothing that we’re concerned about,” he told CNBC.
Of course, he’d really like Paul Ryan and Mitch McConnell to raise that debt limit, but if they don’t, NBD. After all, the president of the United States says it’s actually impossible for the government to default, because it can just put the Bureau of Engraving and Printing on overdrive and pay everything off with debased currency—a strategy with the side benefits of giving Janet Yellen & co. the inflation they want and thensome, and of proving that the Trump presidency isn’t anything at all like Germany circa 1933. It’s Germany circa 1921.