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Congress must raise debt ceiling by August or September to avoid default: CBO

By Zach Halaschak
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The Congressional Budget Office projected Wednesday that the United States will breach the debt ceiling in August or September unless Congress acts.

The CBO released the timeline for the “X date,” or the date at which the Treasury would not be able to pay all incoming bills on time and in full. The X date is not a set date but instead fluctuates based on day-to-day expenditures and incoming revenues.

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Budgets and Deficits Congressional Budget Office Debt Debt Ceiling Economy National Debt Washington D.C.