Thursday, September 28, 2023
  • About
  • Privacy Policy
  • Editorial Principles
  • Why to trust us
  • Contact
Scoop Nova
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
Scoop Nova
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
No Result
View All Result
Scoop Nova
Home Politics

U.S. will default this summer unless Congress raises limit, CBO warns

admin by admin
February 16, 2023
in Politics
0
U.S. will default this summer unless Congress raises limit, CBO warns
589
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

You might also like

Spain’s election ends with no clear majority, turning focus to coalition talks

Bidenomics spurred stronger GDP growth: Morgan Stanley

Ponzi schemer granted clemency by Trump charged with fraud

Next to a bus stop board showing U.S. national debt figures after the U.S. government hit the $31.4 trillion borrowing limit amid a confrontation between the Republican-controlled House of Representatives, President Joe Biden and Democratic lawmakers. A financial crisis that will occur within months on January 20, 2023 in Washington, USA as the car drives.

Amanda Andrade Rhodes | Reuters

WASHINGTON — Unless Congress raises the $31.4 trillion debt ceiling, the U.S. Treasury will run out of emergency measures to prevent debt defaults between July and September, the Congressional Budget Office predicted Wednesday. bottom.

Note that in the latest forecast, the final date will be determined by tax revenues received by the IRS in April. If those revenues drop significantly from his CBO estimates, “the temporary measures could run out sooner and the Treasury could run out of funds by his July,” said a CBO director. One Phillip Swagel said in a statement Wednesday.

The CBO also Size of Annual Federal Budget Deficit Over the next 10 years.Agency now believes deficit will add up $18.8 trillion Over the next 10 years, that number is 20% higher than the agency’s estimate last May. $15.7 trillion.

the United States has reached Current Debt Limit In January of this year, at the time, Secretary of the Treasury Janet Yellen It launched a series of well-established measures known as “special measures” that allowed the government to continue borrowing money to meet its obligations.

Should those measures be exhausted before the president? Joe Biden If the new debt limit passed by Congress could be approved, “the government delay payment For some activities, it’s a default or both,” Swagel said.

The CBO plans to release another estimate in May that takes into account 2022 tax revenue, Swagel said at a news conference Wednesday.

The Republican and Democratic heads of the Capitol have repeatedly assured the public that the United States will not default and that a deal will be reached and legislation passed in time to avoid a crisis.

But no one knows what that bill will look like or how it will win majorities in both the Republican-controlled House and the Democratic-controlled Senate.

A majority of Republicans in the House are demanding that Congress pass drastic cuts in federal spending before agreeing to vote to raise the debt ceiling, effectively using their influence within the Republican Party. , pushing their priorities to the forefront.

CNBC Politics

Read more about CNBC’s political coverage:

Republicans argue that the debt ceiling and annual federal spending go hand in hand, just as household debt is a product of household spending.

But Democrats say a large portion of every dollar government spends goes toward mandatory spending like Social Security payments and interest on Treasury bonds, and that federal spending can’t be cut like households can. I object.

The CBO’s estimates, released Wednesday, are likely to feature prominently in the next debate on federal spending.

The CBO said the major increase in the federal deficit over the next decade was due to the cost of bills passed by Congress last year, rising costs for Medicare, Social Security and Veterans Benefits, and future interest rates on increased national debt. We believe it is due to several factors such as payment.

Meanwhile, the agency projected its tax revenue don’t keep pace at these rising costs.and a certain amount of tax revenue expected to fall Like those from the gas tax as more Americans drive electric cars.

Tags: AmericabondsBreaking News: PoliticsBusiness newsCBOCongressdefaultEconomicEconomic eventGovernment taxation and revenueJanet YellenJoe BidenlimitMarketmeetingpoliticsraisessummerwarnsWashingtonWhite House
Previous Post

Where are Chinese travelers going? Thailand and more in Southeast Asia

Next Post

Rise of zombie VCs haunts tech investors as startup valuations plunge

admin

admin

Related Posts

Spain’s election ends with no clear majority, turning focus to coalition talks
Politics

Spain’s election ends with no clear majority, turning focus to coalition talks

by admin
July 24, 2023
Bidenomics spurred stronger GDP growth: Morgan Stanley
Politics

Bidenomics spurred stronger GDP growth: Morgan Stanley

by admin
July 22, 2023
Ponzi schemer granted clemency by Trump charged with fraud
Politics

Ponzi schemer granted clemency by Trump charged with fraud

by admin
July 20, 2023
Trump loses Georgia Supreme Court motion in election probe
Politics

Trump loses Georgia Supreme Court motion in election probe

by admin
July 18, 2023
DeSantis donors worried about campaign
Politics

DeSantis donors worried about campaign

by admin
July 16, 2023
Next Post
Rise of zombie VCs haunts tech investors as startup valuations plunge

Rise of zombie VCs haunts tech investors as startup valuations plunge

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Rent the Runway (RENT) Q4 earnings 2022

Rent the Runway (RENT) Q4 earnings 2022

April 13, 2023
Gensler defends SEC crypto crackdown in House hearing

Gensler defends SEC crypto crackdown in House hearing

April 19, 2023

Categories

  • Business
  • Politics
  • Technology

Don't miss it

Space Force raises the stakes in NSSL race for military launches
Business

Space Force raises the stakes in NSSL race for military launches

July 24, 2023
Foxconn failed India chip effort shows how hard it is for new players
Technology

Foxconn failed India chip effort shows how hard it is for new players

July 24, 2023
Spain’s election ends with no clear majority, turning focus to coalition talks
Politics

Spain’s election ends with no clear majority, turning focus to coalition talks

July 24, 2023
How BMW uses AI to make vehicle assembly more efficient
Business

How BMW uses AI to make vehicle assembly more efficient

July 22, 2023
FTX lobbyist tried to buy island Nauru, create superspecies: lawsuit
Technology

FTX lobbyist tried to buy island Nauru, create superspecies: lawsuit

July 22, 2023
Bidenomics spurred stronger GDP growth: Morgan Stanley
Politics

Bidenomics spurred stronger GDP growth: Morgan Stanley

July 22, 2023
Scoop Nova

Scoop Nova is the only worldwide news organization with a European perspective, and it’s where the rest of the world goes to hear what the World has to say.

Categories

  • Business
  • Technology
  • Scandals
  • Politics

Quick Links

  • About Scoop Nova
  • Contact us
  • Editorial Principles
  • Why to trust us
  • Privacy Policy
  • Sitemap

Recent News

Space Force raises the stakes in NSSL race for military launches

Space Force raises the stakes in NSSL race for military launches

July 24, 2023
Foxconn failed India chip effort shows how hard it is for new players

Foxconn failed India chip effort shows how hard it is for new players

July 24, 2023

© Copyright 2022 ! All rights are reserved by scoopnova.com

  • Home
  • Business
  • Technology
  • Scandals
  • Politics

© Copyright 2022 ! All rights are reserved by scoopnova.com