Debt Default Could Occur in Early June, Think Tank Warns, as Biden, McCarthy Standoff Continues

The Bipartisan Policy Center (BPC) reported that the U.S. government would likely default on its payment obligations sometime between early June and early August if changes aren’t made.
The group’s May 2023 debt-limit analysis report, which was released on May 9, cited pressure from a decline in tax revenue as the support for their conclusion on a default date.
The center’s projections for the so-called X-date—when the government will run out of money to pay its obligations—are approximately in line with those issued last week by Treasury Secretary Janet Yellen and the Congressional Budget Office, which will likely increase the pressure on House Republicans and President Joe Biden to find a solution to the debt-ceiling problem with just a few weeks left….}