Goldman Sachs Group Economists have reportedly estimated that by June 8 or 9, the Ministry of Finance will see the cash stocks drop below the $30 billion mark — a level considered the bare minimum to meet federal obligations that are due.

What happened: “The estimate has significant uncertainties, so there’s certainly a possibility that revenue will slow more than expected and the Treasury will be cash-strapped by June 1 or 2,” Goldman economists said Alec Phillips And Tim Krupa wrote in a note to customers on May 19: after to a Bloomberg report.

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As of Thursday, the Treasury Department’s cash on hand was just over $57 billion, while the previous day it had about $92 billion in special measures at its disposal, it said.

“We are confident that Congress will avoid missing the deadline without action, but there are many avenues that could lead to this,” the economists wrote. According to the report, economists on Friday estimated a 30 percent chance of an agreement between the two sides this week and a 30 percent chance of an agreement “close to” the deadline.

Meet: president Joe Biden and Speaker of the House of Representatives Kevin McCarthy will now meet on Monday to discuss the debt ceiling after the President returned to Washington after a “productive” phone call G7 meet. Biden spoke to McCarthy on Sunday about raising the US debt ceiling. Before leaving Japan, the President said in a briefing that his government was ready to do so Reduce expenses and increase income.

Financial markets are expected to be volatile this week as each statement by both sides is closely watched by market participants. The SPDR S&P 500 ETF Trust SPY closed 0.15% lower on Friday during the Invesco QQQ Trust Series 1 QQQ lost 0.23%, according to Benzinga Pro.

“While we expect an agreement to be reached before the deadline, we also anticipate some more twists and turns along the way and suspect that markets are likely to price in additional risks before the debt ceiling is finally reached…”