The Government Isn’t Going to Tell You, but We’re Going to Run Out of Money in About Three Months

So, we’re going to run out of money soon. Oh yeah, on top of the drama regarding the infrastructure bill and the reconciliation mess, both carrying a combined price tag of around four trillion dollars, we blew the deadline the raise the debt ceiling. The Treasury Department has now entered an emergency situation, diving into their emergency funds to meet the government’s commitments, but it will run out in two-to-three months (via CNBC):

The Treasury Department will begin conducting emergency cash-conservation steps on Monday to avoid busting the federal borrowing limit after a two-year suspension of the debt ceiling expired at the end of July.

Economists say those so-called extraordinary measures will allow Treasury to pay off the government’s bills without floating new debt for two to three months. After that, Congress will need to either raise or suspend the borrowing limit or risk the U.S. defaulting on its obligations.

The limit, a facet of American politics for over a century, prevents the Treasury from issuing new bonds to fund government activities once a certain debt level is reached. That level reached $22 trillion in August 2019 and was suspended until Saturday.

(Read more from “The Government Isn’t Going to Tell You, but We’re Going to Run Out of Money in About Three Months” HERE)

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