Congress Risks August Default Without Debt-Ceiling Action: Congressional Budget Office

The United States could risk default in August or September without a debt-ceiling agreement between the White House and lawmakers, the Congressional Budget Office (CBO) said on March 26. A new report by the nonpartisan budget watchdog projected that Congress would need to reach a deal or suspend the debt ceiling by August or September. The CBO noted that the timing could change based on revenues or outlays. “If the debt limit is not raised or suspended before the extraordinary measures are exhausted, the government will be unable to pay all of its obligations,” the report stated. “As a result, it would have to delay making payments for some activities, default on its debt obligations, or both.”...