WASHINGTON, Oct. 15 (UPI) — The U.S. Department of Treasury will run out of money in November if an agreement to lift the federal debt ceiling is not reached by lawmakers before then.
The nonpartisan Congressional Budget Office announced Wednesday that new estimates indicate the Treasury will “run out of cash” earlier than projected.
“CBO now projects that if the debt limit remains unchanged, the Treasury will begin running a very low cash balance in early November and the extraordinary measures will be exhausted and the cash balance entirely depleted sometime during the first half of November,” the CBO said in a statement. “At such time, the government would be unable to fully pay its obligations, a development that would lead to delays of payments for government activities, a default on the government’s debt obligations, or both.”
The change in estimates were the result of a “larger-than-expected deficit” and “variations” in cash flow. Previously, the CBO said the Treasury would run out of money between mid-November and early December.
Several politicians expect Speaker of the House John Boehner, R-Ohio, will find a way to approve a debt-ceiling fix before his upcoming retirement. Republicans are having difficulty replacing Boehner.
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