Congress may have to act sooner on debt limit

Budget Director Mick Mulvaney had this to say about the debt limit when he appeared before the House Budget Committee today: "My understanding is that receipts currently are coming a little bit slower than expected."

Why this matters: The Treasury is using so-called "extraordinary measures" to avoid violating the debt limit while it waits on Congress to either suspend it again, or raise it. The expectation had been no action would be needed until the Fall, but a GOP source told Axios that the Trump administration has privately told GOP leaders that Congress will have to act sooner than expected.

Update: Treasury Secretary Mnuchin later today told a different committee that a debt-limit bill, without any controversial attachments, should be passed before August.