U.S. Treasury Breaches $28.9 Trillion Debt Limit
Treasury Secretary Yellen Says Uncertainty Exists Over Cash Balance On Dec. 15
November 30, 2021—The U.S. government breached its $28.9 trillion debt limit and is using extraordinary measures to borrow money to pay its bills, the Congressional Budget Office reported today. The CBO outlined the extraordinary measures the government is currently taking to stay afloat.
The U.S. government has "no room to borrow under its standard operating procedures," the CBO said. If the Treasury transfers $118 billion to the Highway Trust Fund on December 15, as the recently passed Infrastructure Investment and Jobs Act directs it to do, it is likely to run out of cash.
Running on Empty
If the U.S. government runs out of options, it "would ultimately lead to delays of payments for some governme...