The U.S. could run out of cash sometime between Dec. 21 and Jan. 28, a new projection shows. “Congress would be flirting with financial disaster if it leaves for the holiday recess without addressing the debt limit,” one expert said.
The U.S. government is most likely to have insufficient cash to meet all its financial obligations sometime between Dec. 21 and Jan. 28, according to a new projection released Friday by the Bipartisan Policy Center.
Based on available data, there continues to be a greater likelihood than usual that the “X Date” will fall toward the front portion of the range, the think-tank said. “Congress would be flirting with financial disaster if it leaves for the holiday recess without addressing the debt limit,” he said.Since early this month, Treasury has been using extraordinary measures to stay under the debt ceiling. Treasury Secretary Janet Yellen said these measures are likely to run out on Dec 15.
Senate Majority Leader Chuck Schumer said his chamber will take action on raising the federal government’s borrowing limit by Yellen’s Dec. 15 deadline. But lawmakers are still casting around for the best way to move the debt limit extension through Congress. A plan hatched in the Senate to tie the debt limit to the must-pass defense authorization bill was rejected by House leaders.
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