With new warnings that the U.S. could run out of money to meet its obligations, Congress and the Trump administration are racing to raise the debt limit before lawmakers head home for August, says CQ Roll Call’s appropriations reporter Jennifer Shutt. And tax reporter Doug Sword explains how oil refiners could get up to a $10 billion windfall with an expired tax credit unless Congress intervenes.

Show notes: 

• Road ahead: Pressure rising for debt limit deal
• Debt limit may be reached before end of August recess, Mnuchin says
• Pelosi: Debt deal vote possible before August recess
• Oil refiners racing Congress to protect butane loophole