U.S. government could run out of cash in the first two weeks of June: CBO
The U.S. government faces a significant risk that it will no longer be able to pay all of its obligations “at some point in the first two weeks of June” if Congress doesn’t raise the federal borrowing limit, the Congressional Budget Office said Friday.
“The extent to which the Treasury will be able to fund the government’s ongoing operations will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June,” the CBO said. “That uncertainty exists because the timing and amount of revenue collections and outlays over the intervening weeks could differ from CBO’s projections.”
“If the Treasury’s cash and extraordinary measures are sufficient to finance the government until June 15, expected quarterly tax receipts and additional extraordinary measures will probably allow the government to continue financing operations through at least the end of July,” the agency said.
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