The Congressional Budget Office has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June.” CBO debtceiling default
US Government Faces 'Significant Risk' of Default in June, Congressional Budget Office Warns
The Congressional Budget Office has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in line with the estimate by the Treasury Department that a U.S. default could occur on June 1.The Congressional Budget Office released an update to the Budget Outlook for 2023 to 2033 Friday. The report updates CBO’s budget projections released in February.
“CBO’s baseline projections are developed in accordance with procedures set in law. Those procedures require the agency to project spending, revenues, deficits, and debt without regard to the statutory limit on the issuance of new federal debt. That limit was reached on January 19, 2023,” the report details, adding:
CBO estimates that if the limit is not raised or suspended, there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June.earlier this month that the Treasury may not be able to pay all of the government’s bills as early as June 1 “if Congress does not raise or suspend the debt limit before that time.”
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