A few days ago, we wrote about how the US government could soon breach its debt limit. On Monday, Treasury Secretary Steven Mnuchin confirmed that the US government and Congress were soon to finalize a deal to raise the US debt ceiling before the summer recess.

According to latest estimates, the US’s borrowing authority could estimate as soon as September, with the public debt crossing $22 trillion. If the debt limit is not raised by the government and Congress, it could potentially impact government spending and lead to a government shutdown, at least partially.

Mnuchin and Congress leaders are also in discussions for a two-year budget deal, which could set federal spending levels for 2020 as well as for 2021. Both parties are planning to not only raise the debt ceiling but also finalize a budget pact.