US Could Default on Debt as Early as Summer, New Study Estimates

The United States will run out of existing funds to pay the nation’s bills within seven months unless Congress raises the debt ceiling, a bipartisan group confirmed on Feb. 22
The “X Date” when the government will have to begin delaying some payments can’t be predicted with certainty, according to the Bipartisan Policy Center (BPC), but will likely come in summer or early fall of 2023.
“Today’s X Date range reflects, in part, the considerable uncertainty in our nation’s current economic outlook,” said Shai Akabas, the BPC’s director of economic policy.
Speaker Kevin McCarthy (R-Calif.) speaks at a news conference in Statuary Hall of the U.S. Capitol Building on January 12, 2023. (Anna Moneymaker/Getty Images)
“Policymakers have an opportunity now to inject certainty into the U.S. and global economy by beginning, in earnest, bipartisan negotiations around our nation’s fiscal health and taking action to uphold the full faith and credit of the United States well before the X Date.”…}