{"id":1927551,"date":"2023-05-09T19:40:21","date_gmt":"2023-05-09T23:40:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-default-could-occur-in-early-june-think-tank-warns-as-biden-mccarthy-standoff-continues\/"},"modified":"2023-05-09T19:44:03","modified_gmt":"2023-05-09T23:44:03","slug":"debt-default-could-occur-in-early-june-think-tank-warns-as-biden-mccarthy-standoff-continues","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-default-could-occur-in-early-june-think-tank-warns-as-biden-mccarthy-standoff-continues\/","title":{"rendered":"Debt default possible in June as Biden, McCarthy standoff persists, warns think tank."},"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\">26<\/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%2Fdebt-default-could-occur-in-early-june-think-tank-warns-as-biden-mccarthy-standoff-continues%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=1927551&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--><h2>U.S. Government at Risk of Defaulting on Payment Obligations<\/h2>\n<p>The Bipartisan Policy Center (BPC) has issued a warning that the U.S. government could default on its payment obligations between early June and early August if changes aren&#8217;t made. The group&#8217;s May 2023 debt-limit analysis report, released on May 9, cites a decline in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-blue-state-claw-back\/\" title=\"Biden\u2019s Blue State Claw Back\">tax revenue<\/a> as the reason for their conclusion on a default date.<\/p>\n<h3>X-Date Approaching<\/h3>\n<p>The BPC&#8217;s projections for the so-called X-date, which is when the government will run out of money to pay its obligations, are in line with those issued by Treasury Secretary Janet Yellen and the Congressional Budget Office. This will likely increase the pressure on House Republicans and President Joe Biden to find a solution to the debt-ceiling problem with just a few weeks left.<\/p>\n<h3>Debt-Limit Disputes in Congress<\/h3>\n<p>The BPC closely monitors debt-limit disputes in Congress and estimated in February that the X-date could occur between summer and early autumn. However, they now expect a default much sooner if Congress fails to raise the $31.4 trillion U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mcconnell-does-not-expect-gop-will-help-democrats-raise-the-debt-ceiling\/\" title=\"McConnell Does Not Expect GOP Will Help Democrats Raise The Debt Ceiling\">borrowing limit<\/a>.<\/p>\n<h3>Payment Delays Increase Likelihood of Cash Shortfall<\/h3>\n<p>The think tank concluded that payment delays granted to taxpayers in some severe storm disaster areas, such as much of California and certain counties in Georgia and Alabama, until Oct. 16 have increased the likelihood of a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rick-scott-stands-by-handling-of-nrsc-in-memo-to-donors\/\" title=\"Rick Scott stands by handling of NRSC in memo to donors\">cash shortfall<\/a> by early June.<\/p>\n<h3>Extraordinary Cash Management Measures<\/h3>\n<p>The BPC stated in its analysis that if tax revenues enable the Treasury Department to meet obligations through mid-June, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-caves-to-gop-demand-for-debt-ceiling-talks\/\" title=\"Biden Caves to GOP Demand for Debt Ceiling Talks\">quarterly estimated tax payments due<\/a> on June 15 could likely sustain the government through June 30. At the end of June, the Treasury could borrow an extra $143 billion by stopping the reinvestment of maturing investments in the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. This is one of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-default-could-occur-in-early-june-think-tank-warns-as-biden-mccarthy-standoff-continues\/\" title=\"Debt default possible in June as Biden, McCarthy standoff persists, warns think tank.\">remaining extraordinary cash management measures<\/a> that could be used.<\/p>\n<p><strong>Don&#8217;t wait until it&#8217;s too late. Stay informed on the latest developments regarding the U.S. government&#8217;s debt-limit disputes.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bipartisan Policy Center (BPC) reported that the U.S. government would likely default on its payment obligations sometime between early June and early August if changes aren\u2019t made. The group\u2019s May 2023 debt-limit analysis report, which was released on May 9, cited pressure from a decline in tax revenue as the support for their conclusion<\/p>\n","protected":false},"author":1843,"featured_media":1927552,"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":[543],"tags":[3620,5487,15651,13148,3663,7146,4703,5907,3633],"class_list":["post-1927551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-biden","tag-debt","tag-default","tag-june","tag-mccarthy","tag-persists","tag-standoff","tag-tank","tag-warns"],"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\/1927551","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\/1843"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1927551"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1927551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1927552"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1927551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1927551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1927551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}