Moody's Analytics Chief Economist Mark Zandi said on Thursday that the United States Treasury will run out of cash to pay all of the government's bills on time on June 8, although he said his calculations are "very uncertain" due to the nature of incoming tax bills. He said the best-case scenario would be August 8, while the worst-case scenario would put the date on June 1.
Zandi insisted that Congress must urgently suspend the debt ceiling to avoid default until the end of the fiscal year in September. He warned that hitting the ceiling would result in a loss of 800,000 jobs by the end of 2024 and put the unemployment rate at close to 5%, compared to 3.5% now.
