The U.S. could run out of cash to pay its bills between July and September – By Avie Schneider (NPR) / Feb 15, 2023
The U.S. government will run out of cash to pay its bills sometime between July and September unless Congress raises the nation’s $31.4 trillion debt ceiling, the nonpartisan Congressional Budget Office projected Wednesday.
But the agency said the timing remained uncertain, and the government could find itself unable to meet its debt obligations even before July should it face a shortfall in income tax receipts.
The U.S. government must borrow money to pay off its debt, and Congress would need to raise the current debt ceiling to avoid a potentially devastating debt default. But Republicans have said they will not agree to do so unless the government also cuts spending.
The CBO estimate came a day after U.S. Treasury Secretary Janet Yellen warned again that “a default on our debt would produce an economic and financial catastrophe.”
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