Type of Content
Approved Story
1
Format
Region
News Item Format
Standard
Image Caption
Kent Nishimura / Los Angeles Times via Getty Images
Autocurated
0
Congressional Budget Office Director Phillip Swagel revealed on Wednesday that the federal government could “run out of funds” between July and September.
The federal debt ceiling, an arbitrary cap on the national debt established by Congress, exceeded the statutory limit of nearly $31.4 trillion last month, prompting Treasury Secretary Janet Yellen to launch “extraordinary measures” intended to continue funding the government through the month of June. Swagel, whose agency is tasked with providing analyses of budget and economic information to Congress, said in a statement that lawmakers should address the debt limit before the government defaults on obligations.