With each day that passes, the chance of the US stumbling into a scenario where it cannot pay all its existing bills is increasing. Read more at straitstimes.com.
if Congress fails to raise the ceiling on borrowing, pushing back a previous estimate of June 1.
But it can only do so for so long before it runs up against the debt ceiling. At that point – currently June 5 – it will only be able to spend what it brings in through taxes. With both parties to the negotiations insisting the United States will not default on its debts, that leaves government spending as the place where these hard decisions will have to be made.
Around US$80 billion in revenues are due from quarterly individual and corporate income taxes, according to the Bipartisan Policy Centre, far exceeding the US$22 billion that’s due to be spent.
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