U.S. may run short of cash after June 1 without debt limit hike: Treasury

📆 5/2/2023 12:01 AM
📰 globeandmail

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U.S. Treasury Secretary Janet Yellen said in a letter to Congress that the agency will be unlikely to meet all U.S. government payment obligations by ‘early June’

The U.S. Treasury Department said Monday it now expects to be able to pay all U.S. government obligations only through June 1 without a federal debt limit increase, adding urgency to a bitter fiscal fight between congressional Republicans and Democrats and the White House.

The new date reflects a more specific estimate, based on taxes collected during the April 2023 income tax filing season. The Republican bill would implement $4.5 trillion in spending cuts - or about 22% - in exchange for a $1.5 trillion increase in the U.S. debt limit. It has no chance of passing the Democrat-controlled Senate and the White House has said President Joe Biden would veto the legislation.

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