WASHINGTON — The federal government will run out of cash to pay all its bills sometime between July and September unless the statutory debt limit is lifted, the Congressional Budget Office warned Wednesday.

The federal government could run out of cash to pay all its bills sometime between July and September unless the debt limit is lifted.

Treasury Secretary Janet Yellen is warning that the U.S. faces “economic catastrophe” if Congress and the White House don’t take action to raise the federal debt limit

Lael Brainard will serve as director of the National Economic Council, and Jared Bernstein will be nominated to chair the Council of Economic Advisers.

Washington (AFP) - The United States risks defaulting on payment obligations as soon as July, if lawmakers fail to resolve a gridlock and raise the federal borrowing limit, according to Congressional Budget Office estimates Wednesday.

President Joe Biden plans to go on the offensive against Republicans by saying their policies would add $3 trillion to the national debt