Government Could Run Out Of Cash in October or November If Debt Ceiling Isn't Raised

Government Could Run Out Of Cash in October or November If Debt Ceiling Isn't Raised


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.

Trending: Biden Considers Experimental COVID-19 Vaccine Mandate for All Federal Workers – Calls Unvaccinated Individuals Stupid

In a note released Wednesday, the CBO said that this authority and the Treasury’s existing cash balance would last until sometime in the first fiscal

Continue reading

You Might Like

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend