The IRS could collect $500 billion less in tax revenue, report says, and the US may run out of cash in a few months without a debt-ceiling hike

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• Tax officials predict federal revenue could fall by 10% this season compared to a year ago amid big staffing cuts and changing behavior among tax payers, sources told The Washington Post. The decline in collection would come as the federal government is expected to run out of cash as soon as June or July unless Congress raises the debt ceiling.

The April 15 deadline for filing taxes is coming up, and federal officials reportedly expect less revenue this season compared to a year ago, just as the government has a few months left to raise the debt ceiling before running out of cash.