Atlas Shrugged...now non-fiction: Plunging Tax Revenue Accelerates Debt Ceiling Deadline
From Richard Rubin at the Wall Street Journal:
Plunging Tax Revenue Accelerates Debt-Ceiling Deadline
With pandemic, tax collections boom, then bust: Is federal budget starting to resemble California’s?
Wall Street and Washington got jolted this month by government warnings that the U.S. could become unable to pay all its bills as soon as June 1. That crunch came months sooner than expected, raising the specter of a default on federal obligations unless Congress increases the debt ceiling.
The reason: the expected annual gusher of tax-season payments didn’t flood into the Treasury. When the Congressional Budget Office analyzed tax collections for the current fiscal year through April, the tally fell about $250 billion short of predictions from just a few months ago.
Plunging Tax Revenue Accelerates Debt-Ceiling Deadline
With pandemic, tax collections boom, then bust: Is federal budget starting to resemble California’s?
Wall Street and Washington got jolted this month by government warnings that the U.S. could become unable to pay all its bills as soon as June 1. That crunch came months sooner than expected, raising the specter of a default on federal obligations unless Congress increases the debt ceiling.
The reason: the expected annual gusher of tax-season payments didn’t flood into the Treasury. When the Congressional Budget Office analyzed tax collections for the current fiscal year through April, the tally fell about $250 billion short of predictions from just a few months ago.
