off-the-wire

U.S. Treasury official says June 1 default scenario is 'best estimate' but variable

Kitco Media
By Reuters
Published:
Updated:
Reuters

WASHINGTON, May 3 (Reuters) - The U.S. Treasury's estimate that it could run short of cash to satisfy all U.S. payment obligations as early as June 1 is its "best estimate" based on recent tax receipts, Treasury Assistant Secretary for Financial Markets Joshua Frost said on Wednesday.

He told a news conference after Treasury's quarterly refunding announcement: "Receipts and outlays are just inherently variable, and the actual date will depend on realized receipts and outlays, and the date on which we have exhausted our resources could be a number of weeks later than those estimates."

Reporting by David Lawder; Editing by Chizu Nomiyama
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.