Over the last couple of years, there has been increasing talk of the US dollar losing its status as the world’s “reserve currency.” The truth is, this is nothing new. For as long as I can remember, there has been speculation that the US dollar could lose its status as the world’s reserve currency.

The fact is, the US dollar has strengthened as the world’s reserve currency over the last decade, and arguments that it will lose its reserve currency status in the next few years are simply unfounded.

The United States Treasury will exhaust its emergency measures to prevent a debt default sometime between July and September unless Congress raises the $31.4 trillion debt limit, the Congressional Budget Office projected Wednesday.

The latest projection notes that the final date will be determined by tax revenues the IRS receives in April. Should those revenues decline significantly from CBO’s estimates, “the extraordinary measures could be exhausted sooner, and Treasury could run out of funds before July,” CBO director Phillip Swagel said in a statement last week.

The CBO also revised its projection for the size of the annual federal budget deficit over the next decade. The agency now believes the deficit will total $18.8 trillion over the next 10 years, a figure that is 20% higher than the agency’s estimate last May of $15.7 trillion.