US Congressional Budget Office draws attention to default risk for first half of June

The CBO has released a new report titled “Federal Debt and the Legal Boundary.”

The report said that if the debt limit remains unchanged, there is estimated to be a “significant risk” of the government not being able to pay all its debts at some point in the first two weeks of June.

“If the debt limit is not raised or suspended before the Treasury’s cash and extraordinary measures are exhausted, the government will delay payments for some activities, fail to fulfill its debt obligations, or both,” the report said. will have to do.” evaluation was made.


Treasury can finance government operations at least until the end of July

The report noted that if the Treasury’s cash and emergency measures are sufficient to finance the government by 15 June, the expected quarterly tax revenues and additional extraordinary measures could allow the government to continue financing its operations until at least the end of July.

Emphasizing that until the law to raise or suspend the debt limit is passed, the Treasury should use its cash balance and current extraordinary measures to finance ongoing government activities, and underlined that the Treasury can reduce its cash balance to extend the time it can continue to finance government operations without lending.

In the report, it was stated that as of April 30, the Treasury had 316 billion dollars in cash and 41 billion dollars of usable borrowing capacity under extraordinary measures.


The government will need close to $2.2 trillion by the end of Fiscal Year 2023

The report stated that the financing need for May is estimated to be between $200 billion and $300 billion, and it is expected to be between $75 billion and $100 billion in June.

The report noted that the Treasury will make payments of approximately $25 billion on June 1 for social security and payments for military personnel and public employees.

It is also estimated that the US government will likely require between $1.9 trillion and $2.2 trillion to finance its operations by the end of Fiscal Year 2023, which ends on September 30.


Revision of budget deficit forecast for this year

On the other hand, in the other report published by the CBO, the budget estimates were revised.

In the report, it was reported that the budget deficit forecast for Fiscal Year 2023 was increased by 130 billion dollars compared to the forecasts in February, to $ 1.5 trillion.

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