The Congressional Budget Office on Wednesday released a stark forecast of when the government’s borrowing limit would be exhausted—increasing the urgency of congressional Republicans’ budget negotiations.
The forecast warns that if the government doesn’t raise the limit of its debt, then it will no longer be able to borrow money and pay its obligations.
“CBO estimates that if the debt limit remains unchanged, the government’s ability to borrow using established ‘extraordinary measures’ will probably be exhausted in August or September 2025,” the office’s summary says.
Although the forecast gives Republicans a few months to put a plan together, it renews pressure for the GOP leadership to get their party behind a debt ceiling increase.
House Speaker Mike Johnson, R-La., has previously said he hopes to pass a budget reconciliation bill by Memorial Day, which this year falls on May 26. […]
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