Treasury Secretary Steven Mnuchin has urged Congress to address the debt limit soon, but lawmakers have not yet set a schedule, prompting concern among business and financial services groups. (Bill Clark/CQ Roll Call file photo)
Wall Street and K Street haven’t hit the panic button just yet, but lobbyists for financial services and business groups are increasing their pressure on lawmakers to swiftly extend the debt limit and fund the government without drama.
Their main focus is on the debt limit, which the Trump administration has asked Congress to increase by this fall. Without an increase — or suspension — lawmakers would jeopardize the nation’s ability to pay its bills. Even just debating the debt limit can cause global stock market losses, and an actual breach of the nation’s borrowing authority carries potentially catastrophic consequences.