Published On: Wed, Jul 21st, 2021

US Treasury to Hit Debt Ceiling by November: Congressional Budget Office

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The Congressional Budget Office (CBO) said on Wednesday that the U.S. Treasury Department is projected to exhaust its debt limit by October or November, as Democrats seek to raise that limit for trillions more in funding. Republicans say they oppose the move. As of June 30, an additional $6.5 trillion had been borrowed, bringing total federal debt to $28.5 trillion. The new debt limit is set to be decided by August 2021. Since taking office, President Joe Biden has signed a $1.9 trillion dollar COVID-relief package and Democrats are gearing up to push another $3.5 to $6 trillion package for infrastructure, climate change action, and other Democrat-backed initiatives through to Biden’s desk, with or without Republican support. Republican lawmakers had opposed proposals for the $1.9 trillion package and are now in opposition of the $3.5 trillion infrastructure legislation, calling it wasteful spending that will only drive up inflation and taxes. “I can’t imagine there …

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