WASHINGTON (AP) — The United States could default on its obligations as early as Oct. 18 if Washington fails to agree on legislation to raise the government's borrowing cap, a new study predicted Tuesday.
The Bipartisan Policy Center analysis says the default date would come no later than Nov. 5 and that the government would quickly fall behind on its payments, including Social Security benefits and military pensions.
The think tank's estimate is in line with a warning last month by Treasury Secretary Jacob Lew that the government would exhaust its borrowing authority by mid-October and be left with just $50 billion cash on hand.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.