Weaker Tax Revenue Accelerates Debt Ceiling Deadline To As Early As June 1

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Hamilton stands in front of the U.S. Treasury September 19, 2008 in Washington, DC. Treasury Secretary Henry Paulson announced that the Treasury will insure money market mutual funds as one part of a massive government bailout that is attempting to stabilize the current financial crisis. suggests there is a “significantly greater risk that the Treasury will run out of funds in early June.” That’s at the early end of previous expectations and is due, in part, to lower tax receipts.

In the worst case, if politicians cannot come to an agreement on the debt ceiling this could cause the U.S. government to default. That risks havoc in financial markets. The U.S. came close to default in 2011 and U.S. government debt was downgraded as equity markets sold off.The government already hit the debt ceiling limit in January 2023, but the Treasury has been using extraordinary measures to pay the bills since then.

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