The US government has only 88 billion USD left.

The US Treasury Department said it has only $88 billion left in special measures to help the government pay its debts as they come due.

That’s down from $110 billion a week earlier and a little more than a quarter of the $333 billion package, which includes extraordinary measures — such as the ability to continue selling debt — to help the Treasury Department keep cash flowing as the government’s total borrowing exceeds the $31.4 trillion ceiling set by Congress .

Earlier this month, Treasury Secretary Janet Yellen said the special measures would end on June 1. The cost of insuring US debt against default has also skyrocketed.

The US Congressional Budget Office (CBO) said the government will face a significant risk of not being able to make all debt payments due in the first half of June unless the debt ceiling is raised.

If the government can get through the first two weeks of June with some revenue coming in on time, it could avoid default, according to the CBO. These include quarterly personal and business tax payments due June 15 and additional extraordinary measures the Treasury Department is looking to implement. The reality also depends on federal tax revenues and spending, which could differ from projections.

So far, US lawmakers have been deadlocked over raising the debt ceiling, which is crucial to the functioning of the government and the global economy. The Republican-controlled House of Representatives recently passed a bill to raise the debt ceiling on the condition that the government make deep spending cuts.

But Mr Biden wants lawmakers to approve raising the debt limit without any policy changes, saying he is open to separate negotiations on taxes and spending.

A face-to-face meeting this week between President Joe Biden and House Speaker Kevin McCarthy has yielded little in the way of progress on the debt ceiling — the total amount of money the U.S. government is allowed to borrow. But talks between their subordinates are ongoing, and the leaders are expected to meet again next week.

"We are running out of time to avoid a catastrophic default and Republicans are still playing dangerous games with our economy," said Senator Chris Van Hollen.

Phien An ( according to Bloomberg, WSJ )

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