The US Treasury Department constructing is seen in Washington, DC, January 19, 2023.
Saul Loeb | Afp | Getty Images
WASHINGTON — The June 1 “X date” is approaching, the earliest the U.S. government could run out of cash to pay its bills if leaders don’t reach a deal to lift the debt limit.
After that date, the Treasury could have to choose which obligations don’t receives a commission, at the same time as multiple critical bills are due.
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Lifting the debt ceiling is crucial for the federal government to cover spending commitments already approved by Congress and the president — and forestall default. Doing so doesn’t authorize latest spending. President Joe Biden is currently in a standoff with House Speaker Kevin McCarthy, who has refused to lift the debt limit if Biden and lawmakers don’t comply with future spending cuts. McCarthy said he hopes the House will vote on a debt limit bill as soon as next week.
The think tank Bipartisan Policy Center modeled the Treasury Department’s money flow, noting what day bills are paid. The schedule offers a take a look at the federal government’s spending priorities because it approaches June 1.
The Treasury has taken extraordinary steps to maintain paying the federal government’s bills, and expects to have the opportunity to avoid a first-ever default at the least until early June. Treasury Secretary Janet Yellen demurred when asked in an interview with CNBC this month what bills can be prioritized within the event of a default.
Here’s a take a look at the bills that come due in the primary half of June, in line with evaluation from the Bipartisan Policy Center based on each day and monthly Treasury statements. Only the foremost spending categories are outlined, meaning the numbers may not add as much as the overall spending due that day.
June 1: $101 billion in spending due; estimated $26 billion in revenue
- Medicare: $47 billion
- Veterans advantages: $12 billion
- Military pay and retirement: $10 billion
- Civil service retirement: $6 billion
June 2: $40 billion in spending; $18 billion in revenue
- Social Security advantages: $25 billion
- Medicaid: $2 billion
- Teaching programs: $1 billion
June 5: $13 billion in spending; $33 billion in revenue
- Medicare: $1 billion
- SNAP advantages: $1 billion
- Defense vendor payments: $1 billion
June 6: $17 billion in spending; $15 billion in revenue
- Medicaid: $6 billion
- Defense vendor payments: $2 billion
- Teaching programs: $1 billion
June 7: $16 billion in spending; $18 billion in revenue
- Defense vendor payments: $2 billion
- Transportation programs: $1 billion
- Individual tax refunds: $1 billion
June 8: $18 billion in spending; $13 billion in revenue
- Medicaid: $6 billion
- Defense vendor payments: $2 billion
- Teaching programs: $1 billion
June 9: $21 billion in spending; $18 billion in revenue
- Federal salaries and insurance: $5 billion
- Medicaid: $5 billion
- Teaching programs: $1 billion
June 12: $23 billion in spending; $33 billion in revenue
- Pension Profit Guaranty Corporation: $7 billion
- Federal salaries: $2 billion
- SNAP advantages: $1 billion
June 13: $15 billion in spending; $15 billion in revenue
- Defense vendor payments: $3 billion
- Medicaid: $2 billion
- Medicare: $1 billion
June 14: $38 billion in spending; $37 billion in revenue
- Social Security advantages: $25 billion
- Individual tax refunds: $1 billion
- Medicaid: $1 billion
June 15: $22 billion in spending; $79 billion in revenue (quarterly tax receipts are due)
- Military salaries: $4 billion
- Medicaid: $3 billion
- Interest on public debt: $2 billion
June 16: $12 billion in spending; $29 billion in revenue
- Medicare: $2 billion
- Medicaid: $1 billion
- Defense vendor payments: $1 billion
