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The massive federal government spending under Joe Biden over the last few years has pushed the nation’s debt to its legal ceiling, and the process usually is for Congress raise that limit.
Which the House GOP already has done.
But Biden, insisting that he dictate the exact terms of that legislation, says he won’t allow any spending reductions to be attached.
And that has been setting up warnings from a multitude of officials about a possible default by the federal government.
That deadline, in recent weeks, has been said to be early June.
But now that’s being changed.
CNBC reported, „The U.S. can avoid a default through July if the Treasury Department can pull in enough revenue in June.“
The CBO said Friday tax revenues and other procedures during June „will probably allow the government to continue financing operations through at least the end of July.“
A report at PJMedia said the CBO explained, „It’s just a guessing game in the end. The CBO has no idea how much revenue the government is going to take in between now and the beginning of June.“
The report said, „Biden has finally — reluctantly — agreed to sit down with Republicans and negotiate a deal to cut spending in return for raising the debt limit.
