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:
Retype 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

Apparent Massive Hack Reveals Nude Pictures of Stars

Monday, 01 Sep 2014 15:36 PM

Scandal rocked both Hollywood and the US tech industry Monday after an apparent massive hack of a cloud data service unl . . .

Rasmussen Poll: Labor Day End of Summer for Most Americans

Monday, 01 Sep 2014 13:52 PM

The majority of Americans say that Labor Day signifies the unofficial end of summer, not the day to recognize the contri . . .

Obama Promotes Surging Economy as Midterm Elections Near

Monday, 01 Sep 2014 13:46 PM

Boosted by recent economic gains, President Barack Obama is sounding more bullish about the nation's recovery from the G . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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