Research
Executive Summary The United States is rapidly approaching the “X-date,” the day on which the Treasury Department will run out of cash unless Congress enacts an increase in the federal debt limit.
Failure to increase or suspend the debt limit would require the federal government to reduce financial activities to the amount of cash inflow and consequently prioritize which expenses the federal government pays. This scenario – prioritization of payments – is highly risky, and significantly raises the potential for a real or perceived default by the U. S. government, which would materially harm U.S. governance, impose more […]
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