The Congressional Budget Office, a nonpartisan watchdog agency, provides new information on Wednesday tied to the issue of raising the U.S. debt limit.
The U.S. government will hit its debt limit and risk default sometime between July and September unless Congress acts, said the Congressional Budget Office on Wednesday.
In addition, the nonpartisan watchdog agency released its 2023 baseline budget and economic forecast on Wednesday, projecting a federal budget deficit of $1.4 trillion for 2023, up by $0.4 trillion from the agency’s estimate last May. The shortfall was $1.3 trillion in the prior fiscal year. “The projected exhaustion date is uncertain because the timing and amount of revenue collections and outlays over the intervening months could differ from CBO’s projections,” the watchdog agency said Wednesday, regarding its view that extraordinary measures could get exhausted between July and September.“In particular, income tax receipts in April could be more or less than CBO estimates.
The standoff over the debt limit threatens to shake the U.S. government debt markets TMUBMUSD10Y later this year, if a divided Washington can’t make a deal and prevent a U.S. default. That will likely spill over into the stock market SPX .
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