Steven Mnuchin. Photo: Chip Somodevilla/Getty Images

Treasury Secretary Steven Mnuchin on Friday requested that Congress increase the debt ceiling before its summer recess, suggesting the Treasury could run out of cash sooner than expected.

Why it matters: Mnuchin now says the Treasury Department could run out of cash in early September, before Congress reconvenes — a projection that beats the increasingly frantic predictions of the Bipartisan Policy Center.

  • Global markets tend to react when members of Congress or White House officials float anything other than drama-free debt-ceiling hikes, Axios' Jonathan Swan and Caitlin Owens note.

The state of play: House Speaker Nancy Pelosi said Thursday she wanted to find a solution to raise the debt ceiling before the House leaves for the August break on July 26, the Wall Street Journal reports.

The big picture: The U.S. budget deficit hit $747.1 billion over the first 9 months of the fiscal year, a 23% increase from the same point in 2018, Bloomberg reported on Thursday.

Go deeper: What happens if the U.S. can't pay its bills

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2 hours ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

3 hours ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.

July's jobs report could be an inflection point for the coronavirus recovery

Illustration: Sarah Grillo/Axios

Even if Friday's jobs report shows a big number, it is becoming clear hiring slowed and likely even reversed course in July and real-time indicators suggest the employment situation worsened into August.

Driving the news: Payroll processor ADP's monthly jobs report showed private companies added 167,000 jobs last month, well below the 1.2 million expected by economists and far below June's 4.8 million jobs added.