CBO Speculates US Budget Deficit Could Surge to $693B

The Congressional Budget Office stated via its analysis report last Thursday that the US government is in danger of fully depleting its cash reserves as it scrambles to pay all of its bills before October 2017, particularly if the Congress heightens its federal borrowing price ceiling. The CBO also warned that the country’s deficit could balloon up to $693 billion if not addressed properly. Treasury Secretary Mnuchin has long since been appealing to US policymakers to increase the debt limit without any kind of conditions whatsoever before Congress postpones itself for a summer recession starting this coming July 28. Conversely, the US Treasury Department has been utilizing cash conservation procedures in order to cope with the US government’s accountabilities since last March 2017.