U.S. to default in July or September

 

The Congressional Budget Office (CBO) projects that the U.S. could default on its debts sometime between July and September if Congress doesn’t raise the debt ceiling.  The U.S. debt ceiling currently sits at $31.4T. The CBO added that the final date will be determined by tax revenues the IRS receives in April. The U.S. reached its debt limit last month, which led the Treasury to deploy some extraordinary measures that allowed the government to continue meeting its obligations. Top members of Congress have assured the public that the U.S. would not default on its debt and that a bill would be passed ahead of time before a default. If Congress does not pass a debt ceiling increase before the extraordinary measures are exhausted, the government will have to delay certain payments.