Mnuchin Backs Raising Debt Limit: It’s ‘About Paying For Things That We’ve Already Committed To’

EXCERPT:

STEPHANOPOULOS: You’ve got a lot on your plate, including raising the debt limit. The chairman of the House Freedom Caucus are — and those in the House, conservatives — are insisting that any debt ceiling has to be paired — increase has to be spared with spending reforms and cuts that move the budget towards balance. Is that something you’re considering?

MNUCHIN: Well, again, let me just say on the debt limit, you know, I’ve said this before — I’m all for controlling spending. And I think that Congress has the absolute right to control spending and we should be focused on that, particularly given the size of the national debt.

Having said that, when we’ve already committed to pay for things, we have to honor those commitments. And the debt limit is about paying for things that we’ve already committed to. It’s different than the budget process.

So one of the things I think over time is we need to change this debt limit process so that we’re focused on controlling expenses, but that when we’ve committed for them it’s clear we’re going to pay for them. And the dollar is the reserve currency of the world, and the United States is the best credit in the world, and we’re going to keep it that way.