According to a Congressional Budget Office (CBO) statement on Wednesday, the United States government faces a potential default on its $36.6 trillion debt by August if lawmakers fail to increase the debt limit.
This projection matches the Bipartisan Policy Center's assessment, which indicated a default risk period spanning mid-July through early October. GOP members haven't established a schedule for addressing the issue, as previous last-minute debt ceiling talks have disrupted financial markets and led to credit rating reductions.
Previously, President Donald Trump called on Republican senators to incorporate a debt ceiling adjustment within his suggested tax and domestic policy reforms.
