February 16th, 2023 by WCBC Radio

The Congressional Budget Office on Wednesday said the U.S. Treasury Department will exhaust its ability to pay all its bills sometime between July and September, unless the current $31.4 trillion cap on borrowing is raised or suspended. In a report issued alongside its annual budget outlook, the non-partisan CBO cautioned that a historic federal debt default could occur before July if revenue flowing into the Treasury in April – when most Americans typically submit annual income tax filings – lags expectations. Democrats are pressing for a quick, clean increase in Treasury borrowing authority, while Republicans insist on first nailing down significant reductions in federal spending. Maryland Democrat Ben Cardin says while the divide is vast, he is optimistic that a compromise will be found…