Absent action by Congress to extend the debt limit, BPC previously estimated that the “X Date” could arrive sometime in March.
The Treasury Department’s latest statement on the debt limit is in line with the Bipartisan Policy Center’s analysis.
If the legal limit on federal borrowing is not lifted sometime in early to mid-October, the US might not have enough money to pay all of its bills when they are due.
BPC’s Shai Akabas and Steve Bell give an update on the debt limit and what will happen if Congress fails to act before the “x date.”
The auction would have been just one day prior to their latest debt limit estimate of when the federal government would exhaust its borrowing authority.
Tax filing season has come to a close, and BPC has updated its projections of how long the Treasury could continue to pay all of the nation’s bills in full.