US default on debt likely in summer or early fall if Congress doesn't act, new analysis projects | CNN Politics

  • 📰 CNN
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 95%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

The US will likely start to default on its obligations over the summer or in the early fall if Congress doesn't address the debt ceiling before then, according to a new analysis.

The US will likely start to default on its obligations over the summer or in the early fall if Congress doesn’t address the debt ceiling before then, according to a new analysis released Wednesday. The timing should become clearer after the 2022 tax revenues come in this spring. The new projection from the Bipartisan Policy Center is in line with a forecast issued last week by the Congressional Budget Office, which said the default could take place between July and September.

This tax season is particularly hard to predict because it follows strong 2021 collections, which were boosted by pandemic relief efforts, as well as a year of more persistent inflation and faster interest rate hikes by the Federal Reserve. “There is significant revenue volatility, particularly given the state of the economy right now,” said Rachel Snyderman, the center’s senior associate director of business and economic policy.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Didn't Janet Yellen just give $20 Billion to Ukraine ? If we're broke , where did she get the money ?

FYI: they cannot. It’s in the Constitution. How about you read the 14th amendment before you start spewing this administration’s talking points?

The national debt needs to be placed in the continued payment during shutdown and congress not to be paid until a balanced budget is passed.

So it was estimated to be early in 2023 last year. Then it was March, then June, then upto September, now it is early fall. That gives the Reptilians too much time to play politics.

They will just raise the ceiling and tax the poor. The opposite of Robin Hood. 😬

An absolute lie. Interest on the debt gets paid.

Past time government bureaucrats take a 50% haircut. We were never in it together.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in LOANS

Loans Loans Latest News, Loans Loans Headlines