The American Budget Office warns of the government’s bankruptcy next August

A report issued by the budget office in Congress warned on Wednesday that the United States may reach the maximum allowed for public debt, and therefore the government will not find the necessary funds to pay its obligations by early August if the members of the Congress and the administration of US President Donald Trump do not reach an agreement on the ceiling of public debt.
By that time, the government will not have enough financial reserves to pay all its bills after the exhaustion of its “exceptional procedures”, which are the accounting maneuvers that allow the use of existing funds.
Washington will face the danger of failure to pay its debts unless Congress and President Donald Trump agree to raise the borrowing ceiling or completely cancel the concept of the roof of the debt.

Standard debts

It is noteworthy that work on the ceiling of the debt was re -worked on January 2, after its suspension by Congress under the Financial Responsibility Law for the year 2023.
According to the budget office report in Congress, “The Treasury has already reached the current debt ceiling of 36.1 trillion dollars, so it does not have any room for borrowing under its standard operational procedures.”
An analysis published by the Party Policy Center is estimated last Monday that the United States may suffer from a lack of liquidity by mid -July if the Congress does not raise or suspend debt roof.
Trump had earlier demanded to include an item raising or hanging the ceiling of religion – which was constantly opposed by his Republican party – in a law that Congress passed earlier to avoid government closure.
“Anything else is a betrayal of our country,” Trump said in a statement in December.