News Snapshot:
Good morning. The Congressional Budget Office yesterday said the US Department of the Treasury will exhaust its ability to pay all its bills sometime between July and September, unless the $31.4tn 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 behind expectations. The pace of incoming revenue, coupled with the performance of the US economy in the coming months,...
