Barclays, a major financial services company, said Wednesday the federal government will have enough money to keep paying its bills through the end of this month, which would mean about two weeks’ extra time beyond the deadline the Treasury Department set for when it said it needed to have the debt ceiling raised.
“Without a debt ceiling increase, November 1 looks most likely to be the day that government funding options run dry, given the Treasury’s payment schedule,” Barclays said in a memo laying out its own calculations.
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The analysts said technically the debt ceiling was hit in May, when a three-month debt holiday imposed by Congress expired, and the Treasury Department has been using “extraordinary measures” — essentially borrowing money from other federal accounts — to keep from bumping into the $16.7 trillion limit.
