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

Go deeper

Biden enters final stretch with huge cash advantage over Trump

Democratic presidential nominee Joe Biden in Wilmington, Delaware, on Monday. Photo: Drew Angerer/Getty Images

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month.

Of note: Trump was well ahead of Biden earlier in the year.

Go deeper: The green tsunami

Editor's note: This is a developing news story. Please check back for updates.

Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3 on Election Day until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.