like us on facebook
https://www.facebook.com/dubaidebtrecovery
On Friday, America’s debt limit extension expires and Congress is expected to renew its legal $16.7 trillion debt cap. If the debt limit isn’t raised, the US could burn through its cash as soon as February 28, Secretary Treasurer Jacob Lew warns.
“Time is short. Congress needs to act to extend the nation’s borrowing authority, and it needs to act now,” Lew told an audience at the Bipartisan Policy Center, a Washington DC think tank.
On Friday, February 7, Congress will vote to increase the statutory debt limit, which will enable the government to pay for spending bills it has already passed.
"Without borrowing authority, at some point very soon, it would not be possible to meet all of the obligations of the federal government," Lew said.
The Bipartisan Policy Center has also calculated if policymakers don’t act, the Treasury won’t have enough cash-on-hand to pay for government programs, but estimates the ‘X date’ – when the US runs out of money- will fall between February 28 and March 25, with a high probably it will occur on or before March 14.
Image from Bipartisan Policy CenterImage from Bipartisan Policy Center
Spring tax season makes the maneuver all the more tricky. This is the time of year the federal government is sending out tax refund checks, an additional drain on the country’s cash pile. Spending in just one day in March could exceed $10 billion.
Because the next months will be cash-tight, Lew and other policymakers strongly urge Congress to raise the public borrowing limit.
https://www.facebook.com/dubaidebtrecovery
On Friday, America’s debt limit extension expires and Congress is expected to renew its legal $16.7 trillion debt cap. If the debt limit isn’t raised, the US could burn through its cash as soon as February 28, Secretary Treasurer Jacob Lew warns.
“Time is short. Congress needs to act to extend the nation’s borrowing authority, and it needs to act now,” Lew told an audience at the Bipartisan Policy Center, a Washington DC think tank.
On Friday, February 7, Congress will vote to increase the statutory debt limit, which will enable the government to pay for spending bills it has already passed.
"Without borrowing authority, at some point very soon, it would not be possible to meet all of the obligations of the federal government," Lew said.
The Bipartisan Policy Center has also calculated if policymakers don’t act, the Treasury won’t have enough cash-on-hand to pay for government programs, but estimates the ‘X date’ – when the US runs out of money- will fall between February 28 and March 25, with a high probably it will occur on or before March 14.
Image from Bipartisan Policy CenterImage from Bipartisan Policy Center
Spring tax season makes the maneuver all the more tricky. This is the time of year the federal government is sending out tax refund checks, an additional drain on the country’s cash pile. Spending in just one day in March could exceed $10 billion.
Because the next months will be cash-tight, Lew and other policymakers strongly urge Congress to raise the public borrowing limit.
ليست هناك تعليقات:
إرسال تعليق