Loren Adler contributed to this post.
Today, Fannie Mae announced that it will pay an unusually large dividend of $59.4 billion to the U.S. Treasury by June 30, 2013. Yesterday, Freddie Mac announced that it will send a $7.0 billion dividend to the U.S. Treasury in June. The Bipartisan Policy Center (BPC) has updated its previous debt limit projection to incorporate this new information.* We now estimate that the X Date – the day on which the federal government would no longer be able to pay all of its bills in full and on time due to lack of cash and borrowing authority – is most likely to occur sometime in October, if Congress does not take action related to the debt limit before that time.