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Congress Has Until Mid-August to Raise Debt Ceiling, New CBO Report Warns

Published: 06-10-2025, 01:00 pm | Updated: 06-10-2025, 10:13 am

According to the Congressional Budget Office’s latest estimate, the United States could face a financial crisis between mid-August and the end of September when the government’s special accounting measures to avoid breaching the debt ceiling are exhausted.

This projection extends the deadline by approximately two weeks from the March estimate, potentially providing Congress more time to increase the federal borrowing limit. Since January, when the debt ceiling was reinstated, the Treasury Department has been using “extraordinary measures” to continue meeting financial obligations without exceeding the $36.1 trillion debt limit.

Republicans are currently working on legislation that would increase Treasury’s borrowing authority as part of President Trump’s tax package. Treasury Secretary Scott Bessent has urged action by mid-July to prevent the government from being unable to pay its bills on time.

Original Source: Yahoo Finance

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