The Congressional Budget Office announced that the US government will run out of money this July or August unless Congress raises the debt limit, which puts a ceiling on what Uncle Sam can borrow. Congress should have raised the limit at the beginning of this year but didn't. Since then, Washington has been using cash reserves and so-called emergency measures to pay its bills. Delaying taxpayer refunds is one possible ploy and playing around with the civil service pensions funds is another.

Revenues surge in March and April thanks to corporate and personal income tax deadlines. A smaller bump comes in June when quarterly tax payments are due. But not long after, the till runs out.*