Yes, it’s another projection…but, it’s one that should garner everyone’s attention.
This one came to us today from the Bipartisan Policy Center and is the latest estimate of when the government could run out of cash to pay its bills.
The nation, which borrows huge sums to help pay for everything from military salaries to Social Security benefits, hit its $31.4 trillion borrowing cap on January, 19th.
Since then, the Treasury Department has been employing what are known as “extraordinary measures” to ensure that the government has enough to pay what it owes, including payments to bondholders.
Well, we got the following comment this morning, “We anticipate that those emergency measures, as well as the cash that Treasury has on hand, will most likely be exhausted at some point during the summer or early fall,” Shai Akabas, the center’s director of economic policy, said during a briefing.
And that came on the heels of last week’s projection from the nonpartisan Congressional Budget Office saying that the department’s ability to prevent the US from defaulting on its debt could be exhausted between July and September.
That estimate was slightly more favorable than what Treasury Secretary Janet Yellen suggested when she told Congress last month that her department’s ability to keep financing the country’s obligations could be exhausted in June.
Message to “SQUATTER” McCarthy and his 15th round circus clowns:
The Constitution you profess to so dearly love very clearly states that the ‘power of the purse’ is in the House. Your party controls the House. Therefore, you need to come up with the spending plan. As you are elected officials doing public work, your plan should be public.
Biden has insisted that he will NOT negotiate spending cuts as part of any debt limit legislation, saying that the cap has to be raised to fund obligations that Congress – including Republicans – have ALREADY approved.
At this stage of the circus, it may well prove beneficial to keep the words of Cicero in mind, by ALL concerned: Avoid any specific discussion of public policy at public meetings.
Lobster on the Prairie 