WASHINGTON (Reuters) - The U.S. Treasury has said it will hit a $16.7 trillion debt cap by Thursday, putting the nation on course for a potentially calamitous default.
When it hits that limit on its borrowing, the Treasury estimates it will have about $30 billion on hand. It would rely on that cash cushion and incoming revenue to pay its bills.
The money, however, would quickly run out if Congress does not act soon to raise the debt ceiling. America would begin to miss payments sometime between October 22 and the end of the month, according to the Congressional Budget Office.
Following are the dates and amounts due for some of America’s biggest bills, as estimated by the CBO, the Bipartisan Policy Center and the Treasury Department.
- Debt payments of about $120 billion
- $12 billion payment to the Social Security pension program
- Debt payments of about $93 billion
- $3 billion in salaries for federal workers
- Payments of $2 billion for Medicaid program, which provides health benefits to the poor and disabled.
- Debt payments of about $150 billion
- About $67 billion due for Medicare health insurance for the elderly, Social Security benefits and the pay and benefits due to active duty soldiers and veterans
Reporting by Jason Lange; Editing by Paul Simao