The Congressional Budget Office, CBO, has warned that the United States government could run out of money to pay all of its bills on time as soon as August.
CBO said this would happen if lawmakers fail to raise or suspend the debt limit.
DAILY POST reports that the Treasury Department has been using special accounting maneuvers since January 21 to avoid breaching the $36.1 trillion debt ceiling that kicked in early this year.
However, the department has yet to offer specific guidance on when those measures will be exhausted.
Lawmakers have repeatedly taken negotiations over raising the government’s borrowing limit to the last minute.
The development has rattled financial markets and led the major credit agencies to lower their ratings on the federal government’s creditworthiness.
