The
United States government faces a “significant risk” of no longer meeting all of its financial obligations as early as June, as per a recent report. According to a May 12 report published by the U.S. Congressional Budget Office (CBO), the risk of the U.S. government defaulting on its debt in the near future stems from reaching its statutory debt limit of $31.4 trillion on Jan 19. The CBO predicts that if the debt limit remains unchanged, the U.S. government could be in hot water as early as June. It noted: The CBO predicts the federal budget deficit will be $1.5 trillion in 2023, which is $100 billion more than initially estimated 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 significant influence on the total revenue for 2023. A shortfall in tax receipts recorded through April was also noted as having the potential to contribute to a larger deficit than initially predicted, according to the report. Related: How would a US debt default impact Bitcoin? However, based on its projected data, the CBO does not expect a decrease in the deficit’s growth anytime soon; it was predicted that the annual deficits will “nearly double over the next decade,” reaching $2.7 trillion in 2033. The CBO predicts that 2033 will witness the highest level of national debt ever documented in the U.S., stating: Magazine: Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express