{"id":18628,"date":"2023-05-14T12:31:09","date_gmt":"2023-05-14T12:31:09","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/significant-risk-of-us-treasury-running-out-of-funds-soon-report\/"},"modified":"2023-05-14T12:31:11","modified_gmt":"2023-05-14T12:31:11","slug":"significant-risk-of-us-treasury-running-out-of-funds-soon-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/significant-risk-of-us-treasury-running-out-of-funds-soon-report\/","title":{"rendered":"\u2018Significant risk\u2019 of US Treasury running \u2018out of funds\u2019 soon: Report"},"content":{"rendered":"<div data-v-6da673f8=\"\">\n<p>The United States government faces a \u201csignificant risk\u201d of no longer meeting all of its financial obligations as early as June, as per a recent report.<\/p>\n<p>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.<\/p>\n<p>The CBO predicts that if the debt limit remains unchanged, the U.S. government\u00a0could be in hot water\u00a0as early as June. It noted:<\/p>\n<blockquote><p>\u201cCBO projects that if the debt limit remains unchanged, there is a significant risk that at some point in the first two weeks of June, the government will no longer be able to pay all of its obligations.\u201c<\/p><\/blockquote>\n<p>The CBO predicts the federal budget deficit will be $1.5 trillion in 2023, which is $100 billion more than initially estimated in February.<\/p>\n<figure><figcaption style=\"text-align: center;\"><em>CBO\u2019s budget outlook, May 2023 update. Source:\u00a0Congressional Budget Office<\/em><\/figcaption><\/figure>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><strong><em>Related:\u00a0<\/em><\/strong><strong><em>How would a US debt default impact Bitcoin?<\/em><\/strong><\/p>\n<p>However, based on its projected data, the CBO does not expect a decrease in the deficit\u2019s growth anytime soon; it was predicted that the annual deficits will \u201cnearly double over the next decade,\u201d reaching $2.7 trillion in 2033.<\/p>\n<p>The CBO predicts that 2033 will witness the highest level of national debt ever documented in the U.S., stating:<\/p>\n<blockquote><p>\u201cAs a result of those deficits, debt held by the public also increases in CBO\u2019s projections, from 98 percent of GDP at the end of this year to 119 percent at the end of 2033 \u2014 which would be the highest level of U.S debt ever recorded.\u201d<\/p><\/blockquote>\n<p><strong><em>Magazine:\u00a0<\/em><\/strong><strong><em>Alameda\u2019s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The United States government faces a \u201csignificant risk\u201d 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-18628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018Significant risk\u2019 of US Treasury running \u2018out of funds\u2019 soon: Report | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/significant-risk-of-us-treasury-running-out-of-funds-soon-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Significant risk\u2019 of US Treasury running \u2018out of funds\u2019 soon: Report | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The United States government faces a \u201csignificant risk\u201d of no longer meeting all of its financial obligations as early as June, as per a recent report. 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