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Biden Running Out of Time for a Deal on Debt Ceiling, as Tax Receipts Appear To Be Lagging

Treasury may have promised ‘extraordinary measures,’ but cash in its general account fell below $100 billion earlier this month.

AP/Andrew Harnik, file
President Biden meets with congressional leaders in November to discuss legislative priorities for the year. AP/Andrew Harnik, file
RED JAHNCKE
RED JAHNCKE

President Biden and Speaker McCarthy are running out of time. That’s what the numbers are telling us in the months since January, when the Treasury said it could employ “extraordinary measures” to remain under the debt ceiling for five months.

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RED JAHNCKE
RED JAHNCKE

Mr. Jahncke is president of the Townsend Group International, LLC.

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