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Federal Debt and Statutory Limit

US
The Congressional Budget Office (CBO) reminds the statutory debt limit extension expires as of July 31 -- resetting to the "previous ceiling of $22.0 trillion" on August 1, "plus the cumulative borrowing that occurred during the period of suspension."
  • Unless additional legislation either extends the suspension or increases the limit, existing statutes will allow the Treasury to declare a "debt issuance suspension period" and to take "extraordinary measures" to borrow additional funds for a period of time without breaching the debt ceiling.
  • The CBO "projects that if the debt limit is not raised, the Treasury would probably run out of cash and be unable to make its usual payments starting sometime in the first quarter of the next fiscal year, most likely in October or November." Link:
CBO
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