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Government Obligations

All articles tagged with #government obligations

economy2 years ago

Yellen reaffirms June deadline to prevent US debt default.

Treasury Secretary Janet Yellen warned that the US government could run out of cash to pay its bills by early June, putting the country on a collision course for a potentially catastrophic default on its financial obligation. Yellen said she planned to update Congress "shortly, and to try to increase the level of precision" regarding the so-called X-date – or the day when the government can no longer pay its bills. The debt ceiling, which is currently around $31.4 trillion, is the legal limit on the total amount of debt that the federal government can borrow on behalf of the public, including Social Security and Medicare benefits, military salaries and tax refunds.

via Fox Business|
#debt-ceiling#default#economy
finance2 years ago

US Treasury's Cash Reserves Nearing Depletion Amidst Debt-Ceiling Deadlines

The US Treasury Department is expected to run out of cash to fund the federal government's obligations by June 8 or 9 unless the debt ceiling is lifted, according to a report by Goldman Sachs. Negotiators representing the Biden administration and congressional Republicans have been operating under the assumption June 1 will be the date on which Treasury exhausts its extraordinary measures, which could give lawmakers extra time to finalize a deal if the June 8 or 9 estimate from the Goldman Sachs note pans out. Treasury Secretary Janet Yellen said Sunday during an interview on NBC’s "Meet the Press" the likelihood of the U.S. making it to mid-June without the Treasury exhausting its extraordinary measures is "quite low" and that June 1 remains the hard deadline.

via Fox Business|
#debt-ceiling#extraordinary-measures#finance
politics2 years ago

The GOP's Struggle with Budget Planning and Debt Talks.

House Republicans' budget proposal could take months to play out, complicating negotiations related to raising the nation's borrowing limit and potentially pushing it past the deadline for Congress to act on raising the debt ceiling. Instead, top Republicans want to start talks immediately on a shorter list of demands for this year, without a formal budget in hand, to avoid a U.S. default on debt payments and other government obligations. President Biden said he needs to see the Republican budget proposal to start negotiations.

via The Wall Street Journal|
#congress#debt-ceiling-talks#government-obligations