The United States Congressional Budget Office (CBO) on Wednesday said the Treasury Department will exhaust its ability to pay all its bills sometime between July and September unless the $31.4 trillion cap on borrowing is raised or suspended.In a report issued alongside its annual budget outlook, the non-partisan CBO cautioned that a historic federal debt default could occur before July if revenues flowing into the Treasury in April – when most Americans typically submit annual income tax filings – lag expectations.The pace of incoming revenues, coupled with the performance of the US economy in coming months, makes it difficult for government officials to predict the exact “X-date” – when the Treasury could begin to default on many debt payments without action by the US Congress.
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