Because of its newfound efficiency, the government will run out of remaining funds to service its debts earlier than it expected.
There’s a surprising culprit behind the sooner-than-anticipated debt-limit deadline: Better IRS service.
That means there isn’t a huge lump of tax payments still waiting to be collected, like there was last year, when many didn’t get deposited until May or later. Most of the tax payments Treasury is going to receive have now already been collected, the Congressional Budget Office says.the nonpartisan agency says“That, in combination with the less-than-expected receipts through April, means that the Treasury’s extraordinary measures will be exhausted sooner than we previously projected.
The deadline for action turns heavily on tax revenues, which are volatile. And a big reason for the new “X-date” is capital gains receipts, which have plummeted in the wake of last year’s downdraft on Wall Street. It’s not uncommon for wealthy people who owe to not only file very late in the tax season but also do it on paper, rather than electronically, because that takes the IRS longer to process, which means the taxpayers’ money can sit in an account longer collecting interest.
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