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Updated Information About Federal Debt and the Statutory Limit 1 (October 26, 2015)

handle is hein.congrec/cbo2569 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 October 26, 2015 Honorable Orrin G. Hatch Chairman Committee on Finance United States Senate Washington, DC 20510 Re: Updated Information About Federal Debt and the Statutory Limit, October 2015 Dear Mr. Chairman: This letter responds to your request for confirmation of the Treasury Department's recent projections that the extraordinary measures for borrowing additional funds without breaching the debt ceiling will be exhausted no later than Tuesday, November 3, and that the cash balance will be less than $30 billion at that point. 1 On the basis of additional data and updated projections of expected borrowing in the short term, the Congressional Budget Office confirms that the extraordinary measures will be exhausted in the first few days of November and that the Treasury's cash balance is likely to fall below $30 billion-an amount that the Treasury states will be far short of net expenditures on certain dates-at about the same time. The Treasury's cash balance will continue to fall thereafter and could be well below $30 billion by the end of the first week of November. CBO's staff has recently discussed with debt management analysts at the Treasury Department the data they used to project major cash flows over the next two weeks. Those projections are very similar to CBO's own expectations of large payments and deposits in that period. CBO has also incorporated in its estimates the most recent information on actual cash flows. See Jacob J. Lew, Secretary of the Treasury, letter to the Honorable John A. Boehner, Speaker of the House (October 15, 2015), http://go.usa.gov/c3T5e (PDF, 1.2 MB). www.cbo.gov

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