Last Updated on May 15, 2023 by Bitfinsider
According to a recent report, the United States government confronts a “significant risk” of failing to meet all of its financial obligations as early as June.
According to a report published by the U.S. Congressional Budget Office (CBO) on May 12, the risk of the U.S. government defaulting on its debt in the near future originates from the fact that on January 19, the country reached its statutory debt limit of $31.4 trillion.
The CBO predicts that if the debt ceiling is not raised by June, the U.S. government could be in financial trouble.
The CBO forecasts that the federal budget deficit will reach $1.5 trillion in 2023, an increase of $100 billion from the initial estimate made in February.
It was emphasized that the outcome of the ongoing Supreme Court case regarding the cancellation of outstanding student loan debt could have a substantial impact on 2023’s total revenue.
According to the report, a shortfall in tax receipts through April has the potential to contribute to a larger deficit than was initially anticipated.
However, based on its projections, the CBO does not anticipate a reduction in the deficit’s growth anytime soon; the annual deficits are expected to “nearly double over the next decade,” reaching $2.7 trillion in 2033.
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