In the US, a two-year agreement was completed on the suspension of the Limit of the State Demance. This means that its limit value began to act again. As Bloomberg notes, by the end of June, the aggregate debt almost reached 28.5 trillion dollars – 22 trillion plus accumulated debts from August 2019.
If the Congress does not solve the suspension of the limit action or does not increase it, then the Ministry of Finance will have to go for emergency measures. Upon reaching the limit of the United States in October or November, will be on the threshold of non-fulfillment of the usual expenditure obligations, or a default of state -ummagas will be allowed.
In this case, the US Ministry of Finance will be able to dispose of only cash balances on accounts – it is about 450 billion dollars as of the end of July – and budget revenues after planned costs.
Office is already beginning to prepare for problems. From Friday, July 30, it suspended the release of a number of special papers, and also began to use special debt tools that are not taken into account when calculating debt limit.