Mick Mulvaney, a top official in former President Donald Trump's administration, cast doubt Wednesday on the hard June 1 deadline for the debt ceiling.
The former White House chief of staff and director of the Office of Management and Budget cast his doubts during an interview with NewsNation, despite Treasury Secretary Janet Yellen's warnings of an imminent default.
"For the Treasury secretary to miss the date, that's fine. To miss it to the wrong side, that's unheard of," Mulvaney stated.
Instead, Mulvaney believes the deadline is likely later than expected.
"I don't believe that Janet Yellen is stupid," he added. "I think she's a very smart lady. So it gives me the impression there's some politics in that. And I know if I'm thinking that there's other Republicans on the Hill who are thinking that."
He also theorized that the current silence on raising the ceiling from both sides could mean deals are being reached behind the scenes, calling it an "indication that they're making progress."
"Are those conversations probably happening at the staff level? Yeah, but I don't think that becomes public. That's a private conversation you have," Mulvaney said. "To answer your question, 'When do you start raising alarm bells?' — [it] would be when you start to see markets move."
Mulvaney's comments came on the heels of Yellen insisting that "time is running out every single day that Congress does not act," according to The Hill.
"Our current best estimate underscores the urgency of this moment: It is essential that Congress act as soon as possible. In my assessment — and that of economists across the board — a U.S. default would generate an economic and financial catastrophe," he said.
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