US Budget Deficit Widens Rapidly, Threatening Debt-Limit Timeline
- Treasury Department now using special accounting measures
- Treasury last month saw special measures lasting to early June
The US Treasury Department building in Washington, DC.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
The federal budget deficit is widening rapidly, according to the latest estimates by the Congressional Budget Office, raising the risk of the Treasury running out of cash earlier than expected amid a debt-ceiling standoff.
The excess of spending over receipts totaled $459 billion for the first four months of the fiscal year, which started Oct. 1, according to CBO estimates released on Wednesday. That’s a $200 billion increase over the same period a year earlier.