CBO: Treasury to Run Out of Cash in Next 3 Months, Leading to Default or Delay of Payments

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CBO: Treasury to Run Out of Cash in Next 3 Months, Leading to Default or Delay of Payments

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Washington Free Beacon
June 30, 2017
The Treasury is set to run out of cash in October, which may lead to a default on debt obligations or payment delays for government programs, according to a reportfrom the Congressional Budget Office.
On March 15, 2017, the suspension of the debt limit expired and since then the Treasury has been able to borrow additional funds without violating the debt ceiling.
“The Congressional Budget Office projects that if the debt limit remains unchanged, those measures will be exhausted and the Treasury will most likely run out of cash in early to mid-October,” the report states. “The government would then be unable to pay its obligations fully, so it would have to delay making payments for its programs and activities, default on its debt obligations, or both.”
The amount of money the government spends on programs and the amount it collects in taxes could change from the budget office projections, so the office warns that the Treasury could run out of funds even earlier.
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This article was posted: Friday, June 30, 2017 at 8:03 am