The Congressional Budget Office released a new report Wednesday estimating that the U.S. will hit the debt ceiling “sometime between July and September of this year.”
The report suggests Congress will have a bit more time to reach an agreement to raise the nation’s borrowing limit. The Treasury Department had set an initial deadline of June 5 and will ultimately make the call on when time is up.
Congress and the White House have shown little sign of progress in early debt ceiling talks, as House Republicans demand spending cuts in exchange for lifting the debt limit.
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