Treasury: Brief Shutdown Would Not Buy Much Time on Debt Ceiling

Tuesday, 01 Oct 2013 05:06 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The partial shutdown of the U.S. government would probably not buy the government much more time to raise its limit on borrowing in order to avert a default on the nation's obligations, a Treasury spokesperson said on Tuesday.

The Treasury expects the government will no longer be able to add to the national debt legally by October 17 unless Congress authorizes more borrowing to pay the nation's bills.

"It is unlikely that a brief government shutdown would materially alter Treasury's forecasts," a Treasury spokesperson said.

However, a prolonged shutdown might be able to buy the government some time before its borrowing capacity runs out.

"If the shutdown lasts all month, then it might push back a few days," said Brian Collins, an analyst and budget expert at the Bipartisan Policy Center, a think tank in Washington.

The Treasury estimated last month it would have about $30 billion in cash left to pay the nation's bills when it runs out of borrowing capacity. It would then rely on those funds and incoming revenue to pay the country's obligations.

The Bipartisan Policy Center estimates the nation would begin defaulting on some obligations between Oct. 18 and Nov. 5.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ministers May Be Jailed for Refusing to Perform Gay Wedding

Tuesday, 21 Oct 2014 14:52 PM

Two Christian ministers have been told if they refuse to perform same-sex weddings, they could be subject to a $1,000 fi . . .

Two Years Later, Feds Still Eying Steyer and Musk Companies

Tuesday, 21 Oct 2014 14:26 PM

Companies financed by billionaires Tom Steyer and Elon Musk remain under investigation by the U.S. Treasury Department m . . .

Kaiser: 89% of Uninsured Don't Know to Sign Up for Obamacare

Tuesday, 21 Oct 2014 14:03 PM

Obamacare administrators are promising a better sign-up experience for the plan's second annual enrollment period that o . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved