deficit of $1.4 trillion

The US economy risks default between July and September 2023, if there is no increase in the federal debt ceiling reached in January. According to the estimate provided by the US Congressional Budget Office, about five months remain to preserve the country’s credit capacity, thus overcoming the impasse on raising the ceiling caused by the Republicans, who have refused to approve any measure in lack of significant cuts in public spending. The document provided by the office underlines a “progressive deterioration” of public finances: the federal deficit has been estimated at 1.4 trillion dollars for 2023.