U.S. could face default by August if Congress doesn't address debt ceiling, budget office says
CBSN
Washington — The federal government could be unable to pay its bills as soon as August if Congress doesn't act, the Congressional Budget Office estimated Wednesday.
"The Congressional Budget Office estimates that if the debt limit remains unchanged, the government's ability to borrow using extraordinary measures will probably be exhausted in August or September 2025," the nonpartisan budget office said Wednesday.
The so-called "X-date" marks when the government could run out of borrowing power and face an unprecedented default without action from Congress to address the debt limit, which caps how much the Treasury can borrow to pay the government's obligations. The department is currently utilizing so-called "extraordinary measures" to delay a default for several months.
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