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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

Kendall Baker, author of Sports
1 hour ago - Sports

2021 Tokyo Olympics hang in the balance

Illustration: Aïda Amer/Axios

10 months ago, the Tokyo Olympics were postponed. Now, less than six months ahead of their new start date, the dreaded word is being murmured: "canceled."

Driving the news: The Japanese government has privately concluded that the Games will have to be called off, The Times reports (subscription), citing an unnamed senior government source.

Biden's centrist words, liberal actions

Illustration: Sarah Grillo/Axios

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

3 hours ago - Technology

Review of Trump ban marks major turning point for Facebook

Photo Illustration: Aïda Amer/Axios. Photo: Saul Loeb/AFP via Getty Images

Facebook's decision to ask its new independent Oversight Board to review the company's indefinite suspension of former President Trump is likely to set a critical precedent for how the social media giant handles political speech from world leaders.

What they're saying: "I very much hope and can expect … that they will uphold our decision," Facebook's VP of global affairs Nick Clegg tells Axios.