Unless Congress raises or suspends the debt ceiling, the federal government will most likely run out of money in October or November, the Congressional Budget Office said Wednesday.
Congress suspended the debt ceiling, which limits the amount of outstanding federal borrowing to $22 trillion, in 2019. But that suspension runs out on August 1st of this year.
Since the suspension went into effect, the nation has added $6.5 trillion in debt, bringing the total amount to $28.5 trillion.
For a time, however, the Biden administration could be allowed to keep borrowing because the existing laws allow Treasury to declare a ‘debt issuance suspension period’ and to take ‘extraordinary measures’ to borrow additional funds for a period of time without breaching the debt ceiling.- READ MORE
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