US Could Default by Summer If Debt Ceiling Deal Not Reached: Congressional Budget Office

The United States could default on its debt sometime over the summer if the president and House Republicans don’t agree to raise the debt ceiling soon, according to the Congressional Budget Office (CBO).
“If the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023,” CBO Director Phillip Swagel said on Feb. 15.
Swagel addressed reporters as he released the CBO’s February 2023 Federal Debt and the Statutory Limit statement.
The government reached its most recent debt ceiling of $31.4 trillion on Jan. 19. That triggered extraordinary measures to prevent the country from defaulting on its loans….}