U.S. will default between July and September if Congress doesn't raise debt limit, CBO says
A car drives next to a board at a bus stop showing a U.S. national debt figure after the U.S. government hit its $31.4 trillion borrowing limit amid a standoff between the Republican-controlled House of Representatives, President Joe Biden and Democratic legislators that could lead to a fiscal crisis in a few months, in Washington, U.S., January 20, 2023.
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 previous years, "the extraordinary measures could be exhausted sooner, and Treasury could run out of funds before July," the CBO said in a statement Wednesday.Read more of CNBC's politics coverage:
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