Treasury Secretary Steve Mnuchin has pressed Congress to raise the federal debt ceiling before they depart Washington for their summer recess which begins in late July, but it looks like he's backing off now.
Mnuchin now says he has a "backup plan" that will probably leave you wanting.
The U.S. government has “backup plans” for funding itself if Congress doesn’t raise the debt limit before lawmakers leave for their August recess as hoped, Treasury Secretary Steven Mnuchin said. [...]
Asked to elaborate on the administration’s backup plans, Mnuchin joked that he would use his Treasury secretary “superpowers” to solve the issue, referring to special accounting measures to remain below the ceiling.
Whether or not we're completely fucked may depend on whether or not our Republican-controlled Congress actually believes Mnuchin can extend the deadline with his "superpowers" or magic asterisks.
The GOP may believe in magic, but creditors don't necessarily believe in it.
It just struck me that we're all going to end up just like Trump's businesses: leveraged into oblivion. And the federal government can't declare bankruptcy like he did so many times.