The revisions between releases are usually the result of improved departmental (and other government bodies’) data replacing previous estimates. This coincides with the publication of equivalent data for EU member states. The UK government debt and deficit statistical bulletin is published quarterly in January, April, July and October each year. Summary of government debt on a quarterly basis, for general government and its sub-sectors, compiled according to the European System of Accounts. General government quarterly debt (Maastricht debt): ESA Table 28 General government quarterly financial accounts: ESA Table 27Ĭomplete set of quarterly financial accounts of the general government sector and its sub-sectors, compiled according to the European System of Accounts. General government quarterly non-financial accounts: ESA Table 25 General government main aggregates: ESA Table 2īreakdown of general government expenditure (both current and capital) and general government revenue, compiled according to the European System of Accounts. Summary, reconciliation, and revisions information on UK government deficit and debt figures by calendar year, financial year and quarterly intervals, since the last publication. International comparison of general government debt and deficit as percentage of GDP. “There’s no reason why anyone should be complacent about how much time they have,” said former Congressional Budget Office Director Douglas Holtz-Eakin, now president of the American Action Forum.General government debt and deficit as percentage of GDP: Annex A Treasury had a windfall in tax payments that beat forecasts last year. Strong revenue could push the X date out further, while numbers that trail expectations could bring it closer. One of the biggest factors will be the upcoming tax-filing season. Yet the net effect of higher inflation is likely to be mixed, as it has also led to larger pay raises for workers and therefore more government revenue. Though price spikes have begun to ease over the last few months, if that trend reverses it could amount to tens of billions of dollars in more debt on the books. Inflation could also have an impact, in part because of Treasury Inflation-Protected Securities, a type of government bond that has attracted new interest from investors in recent months because its value increases as prices rise.
#National debt clock full
“I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.” Student debt government months into the future,” Yellen told lawmakers in a letter Thursday.
“The period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. To be sure, there is still ambiguity about the exact timing of the ultimate deadline this far out because of big policy and economic variables that are affecting the government’s finances. Treasury declined to comment for this story. Scott, a member of the Budget Committee, has co-sponsored legislation that would give priority to certain items - including interest payments on outstanding debt, Social Security and military funding - if the debt limit isn’t raised before Treasury runs out of cash to cover its obligations. “It would’ve given Congress time to deal with this issue earlier.” Rick Scott (R-Fla.) said in an interview Wednesday. “She should’ve told us way earlier than this,” Sen. That caught some lawmakers off guard, though the Treasury chief has historically given formal notice close to the deadline. would hit its borrowing limit on Thursday, earlier than private estimates had projected until just days before her letter. Treasury Secretary Janet Yellen informed Congress last week that the U.S. can’t pay for things like Social Security benefits and military salaries.ĭebt limit X date projections by groups like the Bipartisan Policy Center are critical to focusing Washington’s attention on the urgency of resolving the impasse. The Biden administration is insisting on a clean increase and refusing to negotiate.Ī debt limit breach carries enormous unknown stakes because of its potential impact on financial markets, where a government default on its bonds could cause chaos, and on the broader economy, if the U.S. Conservative Republicans emboldened by their influence in the House speaker race are demanding steep budget cuts in exchange for letting the government take on more debt.
A shorter time period would be just one of the pressure points that’s threatening to make the upcoming debt limit standoff one of the most contentious in history.
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