The consequences of failing to raise the debt ceiling are astronomical and could cause the government to miss payments on its debt once it runs out of funds through the “extraordinary measures”

The federal government could be unable to pay its bills as soon as August if Congress doesn't act, the Congressional Budget Office estimated.

The United States is on track to hit its statutory debt ceiling — the so-called X-date when the country runs short of money to pay its bills— as early as August without a deal between lawmakers and the White House.

The US could default on its $36 trillion debt as early as July and no later than October without congressional action, according to a study released Monday.

Senate Republicans had previously endorsed a two-track approach, with the second bill focusing just on renewing the 2017 Tax Cuts and Jobs Act.

Over the four years of President Biden’s term – from January 2021 through January 2025 – we estimate that he approved $4.7 trillion in new ten-year debt through legislation and exe

If Congress does not raise the debt ceiling, the United States is expected to default on its bills in either August or September, the Congressional Budget Office warned.

Johnson said the Senate was “coming around” to supporting a debt ceiling increase as part of the legislation. Senate Majority Leader John Thune said he believes “there’s consensus forming around” the debt ceiling plan, an issue that had been a key sticking point between the two chambers for weeks.