US Government Will Run of Money By October-November if Debt

US Government Will Run of Money By October-November if Debt Ceiling Not Raised, CBO Says
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REUTERS / Jim Bourg
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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 Treasury would probably run out of cash sometime in the first quarter of the next fiscal year (which begins on October 1, 2021), most likely in October or November.”

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