{"id":599191,"date":"2021-07-21T15:20:15","date_gmt":"2021-07-21T19:20:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=599191"},"modified":"2021-07-21T15:20:24","modified_gmt":"2021-07-21T19:20:24","slug":"us-set-to-hit-debt-ceiling-within-four-months-cbo-estimates","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-set-to-hit-debt-ceiling-within-four-months-cbo-estimates\/","title":{"rendered":"US Set To Hit Debt Ceiling Within Four Months, CBO Estimates"},"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%2Fus-set-to-hit-debt-ceiling-within-four-months-cbo-estimates%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=599191&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--><p>The federal government is on track to reach the statutory debt limit in the fall, which would trigger a government shutdown, according to a Congressional Budget Office (CBO) estimate.<\/p>\n<p>The U.S. is projected to reach the debt ceiling of $28.5 trillion by October or November, a CBO <a href=\"https:\/\/www.cbo.gov\/system\/files\/2021-07\/57152-Federal-Debt-Limit.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a> released Wednesday stated. If Capitol Hill lawmakers don\u2019t reach an agreement on raising the limit higher, the government could undergo its third shutdown in <a href=\"https:\/\/history.house.gov\/Institution\/Shutdown\/Government-Shutdowns\/\" target=\"_blank\" rel=\"noopener noreferrer\">less than four years<\/a>.<\/p>\n<p>\u201cIf the debt limit remained unchanged, the ability to borrow using those measures would ultimately be exhausted, and the Treasury would probably run out of cash sometime in the first quarter of the next fiscal year (which begins on October 1, 2021), most likely in October or November,\u201d the CBO report said.<\/p>\n<p>\u201cIf 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,\u201d it continued. <strong><a href=\"https:\/\/dailycaller.com\/2021\/07\/13\/government-deficit-second-largest-us-history\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Government Deficit On Pace To Be Second Largest In US History)<\/a><\/strong><\/p>\n<p>The impending deadline gives Democrats and Republicans just a few months to reach an agreement on increasing the ceiling and cutting spending, Reuters <a href=\"https:\/\/www.reuters.com\/world\/us\/every-time-its-messy-us-again-approaching-debt-ceiling-2021-07-21\/\">reported<\/a>. But Republican leaders have recently signaled that raising the debt ceiling is off the table.<\/p>\n<div id=\"attachment_7242033\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7242033\" loading=\"lazy\" class=\"size-full wp-image-7242033\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1329907577-scaled-1.jpg\" alt=\"Senate Minority Leader Mitch McConnell joins other Republicans during a news conference on Thursday. (Chip Somodevilla\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1329907577-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/07\/GettyImages-1329907577-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1329907577-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1329907577-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1329907577-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1329907577-2048x1366-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7242033\" class=\"wp-caption-text\">Senate Minority Leader Mitch McConnell joins other Republicans during a news conference on Thursday. (Chip Somodevilla\/Getty Images)<\/p>\n<\/div>\n<p>\u201cI can\u2019t imagine there will be a single Republican voting to raise the debt ceiling after what we\u2019ve been experiencing,\u201d Senate Minority Leader Mitch McConnell <a href=\"https:\/\/twitter.com\/JakeSherman\/status\/1417837485594394624\" target=\"_blank\" rel=\"noopener noreferrer\">told<\/a> Punchbowl News on Tuesday evening.<\/p>\n<p>The top Senate Republican <a href=\"https:\/\/twitter.com\/JakeSherman\/status\/1417837510395375616\" target=\"_blank\" rel=\"noopener noreferrer\">noted<\/a> that \u201cfree-for-all for taxes and spending\u201d would cause his caucus to pause before voting in favor of a debt limit increase.<\/p>\n<p>McConnell, though, suggested that Democrats put a debt ceiling hike in their budget reconciliation package, according to Punchbowl News. A&nbsp;<a href=\"https:\/\/dailycaller.com\/2021\/07\/14\/democrats-chuck-schumer-bernie-sanders-infrastructure-budget-reconciliation-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">reconciliation bill<\/a> may take months for Congress to pass and send to President Joe Biden\u2019s desk.<\/p>\n<p>The most recent shutdown lasted 34 days from December 2018 through late January 2019, <a href=\"https:\/\/history.house.gov\/Institution\/Shutdown\/Government-Shutdowns\/\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the House historian. The government also shut down in 2013 and early 2018.<\/p>\n<p>The U.S. first enacted a statutory debt ceiling in 1939. The purpose of the mechanism is to limit how much debt the government is able to take on, preventing it from taking on new obligations when the congressionally-set limit is reached.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The federal government is on track to reach the statutory debt limit in the fall, which would trigger a government shutdown, according to a Congressional Budget Office (CBO) estimate.The U.S. &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-599191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/599191","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=599191"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/599191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=599191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=599191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=599191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}