UPDATED Debt-Limit Debate: New Budget Committee and Treasury Forecasts
WASHINGTON, DC – The Senate Budget Committee today updated its recent issue of the Budget Bulletin focused on the debt-limit debate to include new Budget Committee and Treasury forecasts. The Budget Bulletin provides regular expert articles by Senate Budget Committee analysts on the issues before Congress relating to the budget, deficits, debt, and the economy.
Read the full Senate Budget Bulletin here.
Excerpts follow:
The current Budget Committee forecast is for extraordinary measures to be completely exhausted between the end of October and the middle of November, depending on the expected flow of revenues and outlays.
There is a growing likelihood that between the end of October and the middle of November, extraordinary measures will become insufficient to maintain payments, requiring government action. This forecast depends on no large, unexpected bills coming due and no sudden drop in the flow of revenues occurring in the meantime. To confirm this outlook, Treasury Secretary Jacob Lew sent a letter to congressional leaders on October 1 cautioning that the department “is likely to exhaust its extraordinary measures on or about Thursday, November 5.”
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