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FY-2023-17: Potential Federal Government Debt Default

Fiscal Year Memo header image

This memo provides information and guidance in the event of a federal debt default resulting from Congress failing to raise or suspend the statutory debt ceiling. This event could create challenges for certain spending accounts in the General Federal Grants Fund, revenue collected
through federal reimbursement, and for programs run and funded primarily by the federal government. We are asking departments for a quick turnaround, with responses due on Wednesday, May 24 by 5:00pm. Because the U.S. Treasury has indicated a default date as early
as June 1, for the purposes of this exercise, please constrain your analysis to the period from June 1 through June 30.