The U.S. will run out of cash by early fall without debt limit increase via Business
More -- The Treasury Department should be able to avoid the need for an increase in the U.S. debt limit into late summer or early fall if Congress doesn’t act earlier, the nonpartisan Congressional Budget Office said Tuesday.Treasury can shift funds by using"extraordinary measures" to delay a default on payments, CBO said in a statement. The debt ceiling is currently suspended and is scheduled to come back into effect on March 2.
Senate Finance Committee Chairman Chuck Grassley predicted on Monday that Congress probably wouldn’t need to deal with the debt ceiling until around then. He said lawmakers likely would raise the debt limit as part of a deal on budget caps for fiscal 2020.Earlier Tuesday, House Majority Leader Steny Hoyer, a Maryland Democrat, told reporters he has told Treasury Secretary Steven Mnuchin that he would back a debt ceiling increase without seeking any policy concessions.
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