The US government will no longer have the money to pay wages.

The US government will no longer have the money to pay wages.

 The US government’s liquidity will run out by mid-October (early fall) and Washington’s unprecedented inability to meet its commitments could lead to a financial crisis, the Fox News website reported, citing a new analysis by a Washington-based think tank. Congress now has only a few weeks to consider debt restraint.

 If Congress does not reach a solution, the US government will fail or fail to meet important commitments such as the salaries of military personnel and retirees.

 The United States has never defaulted on its debt, although this situation was imminent in 2011 when Republicans in the House of Representatives refused to approve an increase in the debt ceiling, causing the Standard & Poor’s rating agency to downgrade the US debt rating by one notch. .

 If Washington fails to raise or suspend its debt ceiling, it will eventually be forced to temporarily default on some of its commitments, which could have serious and negative economic consequences.

 The struggle to increase government borrowing poses serious risks to state and local officials. The government, whose total debt has reached $ 28 trillion and $ 500 billion, will be forced to reduce federal programs unless the debt ceiling is suspended or increased.

 Despite all this, legislators have reached a dead end on the issue of debt ceiling. Democrats have pressured Republicans to support raising or suspending the debt ceiling. Opponents of the government have also rejected the Treasury Department’s request to raise the debt ceiling, arguing that Democrats can do it alone.