The federal government will run out of cash between July and September of this year, the Congressional Budget Office predicted. That could put the apex of the debt limit standoff right in the middle of lawmakers’ August recess.
The federal government will officially run out of cash between July and September of this year, the Congressional Budget Office predicted Wednesday — which could put the apex of the debt limit standoff right in the middle of lawmakers’ August recess.
Once tax payments roll in come April, forecasters will be able to narrow the debt-limit time frame even further.have made little outward progress on negotiations during the first month of the Republican-controlled House, despite already meeting. The GOP leader is still demanding huge spending cuts in exchange for lifting the borrowing limit, while the president has refused to use the debt ceiling as a bargaining chip.
Further complicating matters, Republicans aren’t even in agreement on where they want cuts. Some are pushing for limits on discretionary spending similar to the restraints Congress imposed more than a decade ago, when the GOP faced off with the Obama administration over the debt ceiling. But Republicans remain divided on other questions, such as whether to slash the Pentagon’s budget.
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