Its budgetary management Congress The U.S. said tax revenue and emergency measures after June 15 “will likely allow the government to continue funding until July.”
“If the debt limit remains unchanged, there is a significant risk that sometime in the first two weeks of July, the government will no longer be able to service its obligations,” the CBO report said.
The CBO warned that there are several factors that could change these numbers, and that one of the most important could be the pending Supreme Court ruling on the US president’s plan to ease student loans. Joe Biden.
However, legal experts told CNBC that the country’s Supreme Court is likely to reject the $400 billion debt relief plan, given the court’s conservative majority.
The White House and Republicans in Congress have not moved in recent weeks, with the latter calling for drastic federal spending cuts and President Biden saying he will not negotiate debt “with a gun to his head.”
According to Reuters
Source: Kathimerini
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