U.S. default could start end-October with no debt limit hike - CBO chief
WASHINGTON (Reuters) - The United States could begin defaulting on its obligations between the end of October and the middle of November if Congress fails to increase the $16.7 trillion federal debt limit, Congressional Budget Office director Doug Elmendorf said on Tuesday.
Elmendorf told a news conference that the U.S. Treasury Department's own estimate that it will run out of borrowing capacity in mid-October, with a $50 billion cash balance, "seems plausible to us" based current Treasury cash flows. It will start to run short of cash to pay obligations starting around the end of October, but the timing for this could shift based on the strength of revenue collections, he said.
- Female Yahoo executive sued for sexual harassment
- Gaza toll passes 100; Israel to counter rockets 'with all power' |
- Ukraine says rebels will pay as missiles kill 23 soldiers |
- U.S. Navy maintains grounding order for F-35 fighter jets
- German suspect was in contact with State Dept not U.S. spies: officials