{"id":1850009,"date":"2023-02-16T15:36:13","date_gmt":"2023-02-16T20:36:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1850009"},"modified":"2023-02-16T15:38:01","modified_gmt":"2023-02-16T20:38:01","slug":"congressional-budget-office-reveals-when-government-will-run-out-of-cash","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congressional-budget-office-reveals-when-government-will-run-out-of-cash\/","title":{"rendered":"Congressional Budget Office Reveals When Government Will Run Out Of Cash"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcongressional-budget-office-reveals-when-government-will-run-out-of-cash%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1850009&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p><a href=\"https:\/\/www.dailywire.com\/topic\/congressional-budget-office-cbo\" target=\"_blank\" rel=\"noopener\">Congressional Budget Office<\/a> On Wednesday, Phillip Swagel, Director of Phillip Swagel, revealed that the federal government could \u201crun out of funds\u201d Between July and Sept.<\/p>\n<p>Federal <a href=\"http:\/\/dailywire.com\/topic\/debt-ceiling\" target=\"_blank\" rel=\"noopener\">debt ceiling<\/a>An arbitrary limit on the <a href=\"http:\/\/dailywire.com\/topic\/national-debt\" target=\"_blank\" rel=\"noopener\">national debt<\/a> Established by Congress, the statutory limit of almost $31.4 trillion was exceeded last month. Treasury Secretary Janet Yellen was prompted to <a href=\"https:\/\/www.dailywire.com\/news\/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached\" target=\"_blank\" rel=\"noopener\">launch<\/a> \u201cextraordinary measures\u201d In June, the government will continue to be funded. Swagel, whose agency provides analysis of economic and budget information to Congress, stated in a <a href=\"https:\/\/www.cbo.gov\/publication\/58940\" target=\"_blank\" rel=\"noopener\">Statement<\/a> Legislators should address the debt limit prior to the government defaulting on its obligations.<\/p>\n<p>\u201cWe project that, if the debt limit remains unchanged, the government\u2019s ability to borrow using extraordinary measures will be exhausted between July and September,\u201d He stated. \u201cThe projected exhaustion date is uncertain because the timing and amount of revenue collections and outlays over the intervening months could differ from our projections. In particular, income tax receipts in April could be more or less than we estimate.\u201d<\/p>\n<p>President Joe Biden, House Speaker Kevin McCarthy, are currently engaged in negotiations to reduce federal spending before any changes to the debt limit. Republican lawmakers <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-concessions-house-speaker-kevin-mccarthy-gave-to-republican-holdouts-to-win-their-support\" target=\"_blank\" rel=\"noopener\">struck a deal<\/a> with McCarthy under which the party\u2019s new majority will introduce a budget that must refrain from increasing the debt limit in the name of fiscal responsibility.<\/p>\n<p>\u201cIf the debt limit is not raised or suspended before the extraordinary measures are exhausted, the government would be unable to pay its obligations fully,\u201d Swagel also added. \u201cAs a result, the government would have to delay making payments for some activities, default on its debt obligations, or both.\u201d<\/p>\n<p>Federal Reserve policymakers have <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-raises-target-interest-rates-by-quarter-point-marking-slowdown-of-aggressive-hikes\" target=\"_blank\" rel=\"noopener\">Increased<\/a> Inflationary pressures have led to a significant increase in federal funds rates over the last few months. This has resulted in higher interest rates throughout the economy. According to a report, interest payments on the national debt will be higher than defense spendings in the next five-years. <a href=\"https:\/\/www.dailywire.com\/news\/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending\" target=\"_blank\" rel=\"noopener\">Projections<\/a> from Moody\u2019s Analytics.<\/p>\n<p>The nation&#8217;s current debt is $31.5 trillion. Swagel said \u201cnewly enacted legislation and changes to the economic forecast that boost interest costs and spending on mandatory programs\u201d The cumulative deficit between 2023-2032 is projected to increase by $3 Trillion \u201cThe increase in mandatory spending is driven by rising costs for Social Security and Medicare,\u201d He went on. \u201cAs the cost of financing the nation\u2019s debt grows, net outlays for interest increase substantially.\u201d<\/p>\n<p>Biden has been with McCarthy. <a href=\"https:\/\/www.dailywire.com\/news\/sparing-the-sacred-cow-republicans-and-democrats-refuse-to-touch-social-security-as-debt-crisis-looms\" target=\"_blank\" rel=\"noopener\">Vowed<\/a> Not to discuss Medicare and Social Security amendments. These programs accounted for 46% of federal budget in the past fiscal year, along with other health initiatives. <a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/federal-spending\/\" target=\"_blank\" rel=\"noopener\">Data<\/a> From the Treasury Department. According to a Treasury Department report, both trust funds managed through Social Security are expected to go bankrupt by 2035. <a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/RL\/RL33514\" target=\"_blank\" rel=\"noopener\">Report<\/a> From the Congressional Research Service. The agency suggested that all recipients avoid automatic cuts by increasing payroll taxes and reducing payouts.<\/p>\n<p>Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/02\/07\/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery\/\" target=\"_blank\" rel=\"noopener\">Claim<\/a> During his most recent State of the Union Address, which he managed \u201cthe largest deficit reduction\u201d in the nation\u2019s history during his first two years in office. He presided over a drop in the deficit, from $3.1 trillion in fiscal 2020 to $1.4 billion in fiscal 2022. <a href=\"https:\/\/fred.stlouisfed.org\/series\/FYFSD\" target=\"_blank\" rel=\"noopener\">Data<\/a> From the Office of Management and Budget, the official failed to mention that record spending was caused by legislation passed as a response to the lockdown-induced depression. Last year&#8217;s deficit was still higher than those seen in years prior to the crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congressional Budget Office Director Phillip Swagel revealed on Wednesday that the federal government could \u201crun out of funds\u201d between July and September. The federal debt ceiling, an arbitrary cap on the national debt established by Congress, exceeded the statutory limit of nearly $31.4 trillion last month, prompting Treasury Secretary Janet Yellen to launch \u201cextraordinary measures\u201d &#8230;<\/p>\n","protected":false},"author":99,"featured_media":997882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[4463,4119,4490,5045,5660,5114],"class_list":["post-1850009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-budget","tag-cash","tag-congressional","tag-government","tag-office","tag-reveals"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1850009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1850009"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1850009\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/997882"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1850009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1850009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1850009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}