Federal Tax Receipts Are Leaning Toward The “Worst-Case” Debt Ceiling Scenario

Federal Tax Receipts Are Leaning Toward The “Worst-Case” Debt Ceiling Scenario
Spread the love

 The rapid depletion of the Treasury’s cash balance (daily updated in the form of the Treasury General Account) the receipts collected by the Treasury after the April 18 tax deadline would be extremely important in determining whether the US debt ceiling crisis would take place some time in September – as most currently expect – or whether the X-date (beyond which the US Treasury will need to prioritze payments in order to stay current on its debt and interest payments and avoid a default) would be pulled up as soon as June.

Well, we now have the last few days of the filing season in the books, and there hasn’t been a notable change for the better. In fact, tax receipts for the April filing season continue to run far below last year’s levels.

As Goldman’s chief political economist Alec Phillips writes today, with “Tax Day” receipts now in the books, non-withheld receipts month-to-date are down 29%, which is below the 28% decline Goldman had been assuming in its projection that the debt limit deadline will hit in late July (which in turn was recently moved up from early August).

Share This Post

87 Responses to "Federal Tax Receipts Are Leaning Toward The “Worst-Case” Debt Ceiling Scenario"

  1. I know this if off topic but I’m looking into starting my own weblog and was wondering what all is required to
    get set up? I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very web savvy so I’m not 100% sure.
    Any recommendations or advice would be greatly appreciated.
    Thanks I saw similar here: Sklep online

    Reply
  2. Thanks for ones marvelous posting! I certainly enjoyed reading it, you may be a great author.
    I will make sure to bookmark your blog and definitely will come back at some point.
    I want to encourage continue your great work, have a nice day!
    I saw similar here: Dobry sklep

    Reply

Post Comment