BUDGET/TREASURY: “The government could run out of cash to pay its bills in early to mid-October, unless Congress raises the federal borrowing limit, according to a new analysis from the Congressional Budget Office released Thursday [6-29-17].
The Treasury Department has been using cash-conservation measures to continue meeting the government’s obligations since mid-March, when federal debt hit Congress’s self-imposed limit at nearly $20 trillion. Treasury Secretary Steven Mnuchin has implored lawmakers to raise the debt ceiling, with no conditions attached, before they leave for a five-week summer recess July 28.
Mr. Mnuchin said earlier this month Treasury could continue to pay the government’s bills through the beginning of September, but declined to give a more specific date for when Treasury expects to exhaust its so-called extraordinary measures…
Analysts have said the government could run out of room to meet its obligations—including payments on its debt, Social Security and veterans benefits, for example—sometime in the fall, though estimates have ranged from early September to November.
CBO estimated in March that Treasury would run out of cash sometime in the fall, but said the range of dates has narrowed as the budget outlook for this year has become clearer.”
-Kate Davidson, “New Analysis Shows Government Could Run Out of Cash in Early to Mid-October,” The Wall Street Journal online, June 29, 2017 02:27pm