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'Significant risk' of US Treasury running 'out of funds' soon: Report

Published 05/14/2023, 02:45 AM
Updated 05/14/2023, 04:20 AM

The United States government faces a “significant risk” of no longer being able to meet all of its financial obligations as early as June, as per a recent report.

According to a May 12 report published by the U.S. Congressional Budget Office (CBO), the risk of the U.S. government defaulting on its debt in the near future stems from having reached its statutory debt limit of $31.4 trillion, on Jan 19.

CBO's Budget Outlook, May 2023 Update. Source: Congressional Budget Office

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