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BPC Analysis: Treasury Will Hit “X-date” for Paying Debt Nov. 10-19

Wednesday, October 7, 2015

Washington, D.C. – A new Bipartisan Policy Center (BPC) analysis estimates that the Treasury will run out of cash and be unable to meet all financial obligations between Nov. 10 and Nov. 19.

This estimate by BPC’s Economic Policy Project is what has been called the “X-date,” which is the day that Treasury will not have enough incoming receipts to make all payments in full and on time. That would affect a variety of statutory distributions, such as Social Security payments, as well as payments owed to contractors, members of the armed services, and others.

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“Congress will need to act well before the projected X-date in order to avoid an inadvertent default because of the uncertainties in all estimates,” Steve Bell, senior director of economic policy at BPC, said.

A calendar for October and November showing the major statutory payments that Treasury will have to pay and a chart projecting dwindling resources for Treasury can be found here.

View BPC’s full analysis.

KEYWORDS: 114TH CONGRESS, DEBT LIMIT, SOCIAL SECURITY, STEVE BELL