US Government Will Run of Money By October-November if Debt Ceiling Not Raised, CBO Says © REUTERS / Jim Bourg
Subscribe
Sputnik International
https://sputniknews.com/us/202107211083434759-us-government-will-run-of-money-by-oct-nov-if-debt-ceiling-not-raised-cbo-says/
WASHINGTON (Sputnik) - The US government will most likely run out of money between October and November unless the Treasury’s debt ceiling is raised, the bipartisan Congressional Budget Office (CBO) warned on Wednesday as Republicans lawmakers opposed to President Joe Biden were reported to be opposing a hike.
“The Treasury’s cash balance and those extraordinary measures would enable it to continue financing the government’s activities for a while,” the CBO said in a report that examined the federal debt and statutory limit. “However, if the debt limit remained unchanged, the ability to borrow using those measures would ultimately be exhausted, and the Tr
U S COVID vaccination rate still lags because of disinformation campaign, Hopkins epidemiologist warns
baltimoresun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from baltimoresun.com Daily Mail and Mail on Sunday newspapers.
Chip Somodevilla/Getty Images
21 Jul 2021
Unless Congress raises or suspends the debt ceiling, the federal government will most likely run out of money in October or November, the Congressional Budget Office said Wednesday.
Congress suspended the debt ceiling, which limits the amount of outstanding federal borrowing to $22 trillion, in 2019. But that suspension runs out on August 1st of this year.
Since the suspension went into effect, the nation has added $6.5 trillion in debt, bringing the total amount to $28.5 trillion.
For a time, however, the Biden administration could be allowed to keep borrowing because the existing laws allow Treasury to declare a ‘debt issuance suspension period’ and to take ‘extraordinary measures’ to borrow additional funds for a period of time without breaching the debt ceiling.
Varun Anand s Top Picks: July 21, 2021
Michael Sprung s Top Picks: July 20, 2021
Barry Schwartz s Top Picks: July 19, 2021
Stocks slumps as virus jitters fuel rush into bonds
Larry Berman: Market breadth indicators suggest trend is weakening into poor seasonal patterns
Mike Philbrick s Top Picks: July 16, 2021
Brookfield to launch private REIT with assets from Oaktree
Record U.S. stock rally stalls with inflation rising
Reddit traders are upending the world of credit investing, too
Tyler Mordy s Top Picks: July 15, 2021
JPMorgan strategist warns of dot-com era bull trap in Ark fund
Ex-lawyers whose fund rose 53% this year see markets as frothy
Megacap tech stocks roar back into vogue as haven from slowdown
In High-Volume Press Conference, McCarthy Musters Fury That Pelosi Blocked His Jan. 6 Picks WASHINGTON, DC - FEBRUARY 26: House Minority Leader Kevin McCarthy (R-CA) speaks during his weekly news conference on Capitol Hill on February 26, 2021 in Washington, DC. (Photo by Drew Angerer/Getty Images) July 21, 2021 4:58 p.m.
House Minority Leader Kevin McCarthy (R-CA), flanked by his equally stony-faced picks for the Jan. 6 committee, railed at top volume against the “lame duck” Speaker Nancy Pelosi (D-CA) for barring Reps. Jim Jordan (R-OH) and Jim Banks (R-IN) from serving.
Both Jordan and Banks and Rep. Troy Nehls (R-TX), another McCarthy pick Pelosi said she’d allow voted against certifying the Electoral College vote in the aftermath of the insurrection. Pelosi also okayed Reps. Kelly Armstrong (R-ND) and Rodney Davis (R-IL).
vimarsana © 2020. All Rights Reserved.