The US could hit the debt ceiling deadline in June, sooner than expected amid weak tax collections, Goldman Sachs says
The US may hit its crucial debt-limit deadline sooner than anticipated, according to Goldman Sachs, putting the country on the fast track to a harmful default on its financial obligations.
The June deadline projection comes as Washington lawmakers and financial market investors brace for a contentious standoff between Democrats and Republicans. The Biden administration isreportedly preparing "A June deadline would raise the possibility of a short-term extension. We are generally skeptical of reports that congressional Republicans might pass a short-term debt limit extension, as voting to raise the debt limit twice is harder than voting once," wrote Hatzius.
There is a slightly greater chance that the debt-limit deadline is in late July, but if tax receipts continue to undershoot, that could change to the base case to early June, Goldman said.
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