The Congressional Budget Office warns lawmakers need to act now

The U.S. could default within months if the $31.4 trillion debt ceiling isn’t raised.

The Congressional Budget Office warns treasury will exhaust its ability to pay all bills sometime between July and September.

The exact date remains unclear because the timing an amount of revenue collections over the coming months could differ from projections.

The non-partisan CBO also indicated annual budget deficits will average at around $2 trillion between 2024 and 2033, before approaching pandemic-era records by the end of the decade.

This forecast is likely to stoke Republican demands for spending cuts.

It’s also estimated unemployment rates will rise to 4.7 per cent this year, far above the current 3.4%. #trending #featured