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U.S. could face default by August if Congress doesn't address debt ceiling, budget office says
- The U.S. government has until August or September to raise its borrowing limit or face a default on its $36 trillion debt, according to the Congressional Budget Office .
- The CBO warns that if revenue collection falls short, the U.S. may breach its debt limit as early as late May 2025.
- Democrats are willing to cooperate on a debt ceiling increase but oppose tax cuts that primarily benefit the wealthy, emphasizing the need to protect Social Security and Medicare.
- Congressional Republicans are looking to raise the debt limit through a tax and spending package.
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The US debt now exceeds $36 trillion.
CBO warns of ‘fiscal crisis’ as federal debt set to hit record by 2029 - Washington Examiner
The Congressional Budget Office is projecting that federal debt held by the public will climb relentlessly, breaking the country’s record in just a few years. The CBO released a long-term budget outlook on Thursday afternoon. It shows that despite slight improvements since last year, the federal debt is set to soar and force a fiscal reckoning in the coming years. Federal debt held by the public will rise to 107% of GDP in 2029, the congressiona…
·Washington, United States
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Coverage Details
Total News Sources87
Leaning Left18Leaning Right12Center42Last UpdatedBias Distribution58% Center
Bias Distribution
- 58% of the sources are Center
58% Center
L 25%
C 58%
R 17%
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