WASHINGTON—The government will likely run out of cash and could begin to miss payments on its obligations some time between mid-October and mid-November, according to a new projection from the Bipartisan Policy Center, a Washington think tank.
Treasury Secretary Janet Yellen on Wednesday said her agency may run out of room to keep paying the government’s bills on time during the month of October, unless Congress lifts the federal borrowing limit, which was reinstated on Aug. 1 after a two-year suspension. The Treasury has been using extraordinary measures since then to conserve cash and keep making payments to bondholders, Social Security beneficiaries, veterans and others.
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