Treasury Secretary Jacob J. Lew warned Congress that it needed to increase the $18.1-trillion debt limit by Nov. 3 or risk a federal government default.
Over four different days in November, the U.S. government has to cut checks to Social Security recipients totaling close to $70 billion.
While Secretary Lew used November 5 as the date of exhaustion of extraordinary measures, the letter pointed out the uncertainties of the estimates.
BPC continues to project that the X Date would most likely occur in November or December of this year.
As Baby Boomers move out of the labor force and into retirement, the ratio of workers to beneficiaries will drop to roughly 2:1 by 2034.