On March 2, the U.S. Treasury will begin using 'extraordinary measures' to pay the nation's bills because Congress has yet to vote to raise the debt ceiling.
The Treasury Department building in Washington, D.C. . By Heather Long Heather Long Economics correspondent Email Bio Follow February 26 at 5:07 PM The Treasury Department will probably run out of money to pay the nation’s bills by the end of September unless Congress takes action, the Congressional Budget Office said Tuesday, raising a scenario that could cause financial havoc and shake the foundations of the global economy. The U.S.
The federal government’s fiscal year ends Sept. 30. “If that occurred, the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.” Congress has always voted to raise the debt ceiling in the past, but some Republicans threatened not to do so in 2011 in a standoff with former president Barack Obama over government spending.
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