 Treasury Secretary Steven Mnuchin with President Trump at the White House on Feb. 22. (Evan Vucci/AP) By Max Ehrenfreund and Damian Paletta Wealthy Americans and business owners are putting off paying taxes in the hopes that Republicans will deliver big cuts, leaving the government increasingly short on cash and accelerating its crash into the debt ceiling. Federal data and anecdotes from tax advisers reveal that a significant number of taxpayers are postponing cashing out on investments and other financial decisions, hoping to pay less later if the White House and congressional Republicans pass a huge reduction in tax rates. The Treasury Department had $177 billion in its cash account as of Tuesday, a cash pile that it is drawing down because the government is limited in how much it can borrow by the debt ceiling. Monthly swings can be immense. In March, for example, the government brought in $217 billion in new revenue but spent $393 billion, including $79 billion for Social Security, $75 billion for Medicare and $30 billion in interest on the debt. Even before the tax payments slowed, the government was spending more money than it brought in through revenue. To cover the difference, the government borrows money by issuing debt. But it can only issue debt up to a certain limit, known as the debt ceiling. And the debt ceiling can be raised only by Congress. The government has been bumping up against the debt ceiling since mid-March, and the Treasury Department is expected to run out of emergency steps to avoid defaulting on payments in a few months. A failure by Treasury to make major payments would call into question whether the U.S. government can meet its obligations. Because federal debts serve as a global reserve currency, relied on by banks and businesses around the world, a default could cause a severe crisis. The precise consequences are difficult to predict, but they could include frozen international credit markets, a spike in interest rates, and a worldwide collapse in stocks. That's why the cash shortage is causing major problems for the Treasury Department. | 
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