U.S. Default Date Is Estimate Congress Wants, Yellen Can’t Give

Sept. 20, 2021, 12:19 PM

As the federal debt limit brings a disastrous government default ever closer, Congress will turn to the Treasury Department for the one thing it cannot deliver: a precise deadline.

House lawmakers this week are scheduled to vote on an increase in the debt ceiling, with no likelihood of passage in the 50-50 Senate assuming Republicans vote en masse against it. That leaves the Treasury on track to run out of cash, as Secretary Janet Yellen has said, “sometime in October.”

Given the massive economic and financial disruption that a U.S. payments default would cause, a drop-dead date for the Treasury ...

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