Congressional Budget Office

Senate Majority Leader Chuck Schumer at the U.S. Capitol following a meeting on the debt limit with President Joe Biden and other congressional leaders at the White House on May 9, 2023. (Jennifer Shutt/States Newsroom)

U.S. risks debt default in early June, congressional budget office agrees

BY: - May 12, 2023

WASHINGTON — The federal government could default on its debt during the first two weeks of June without action on bipartisan legislation, according to the Congressional Budget Office. The nonpartisan budget scorekeeper issued an updated report Friday, warning that “if the debt limit remains unchanged, there is a significant risk that at some point in the first […]

Fireplaces inside the U.S. Capitol send smoke into the sky on Jan. 6, 2023. (Photo by Jennifer Shutt/States Newsroom)

U.S. likely to default on debt between July and September unless Congress acts, CBO says

BY: - February 15, 2023

WASHINGTON — Congress has until at least July to broker a bipartisan debt agreement if lawmakers want to avoid a first-ever default, according to the Congressional Budget Office.  The nonpartisan scorekeeper, which typically details how much legislation would cost, released a report Wednesday saying that U.S. lawmakers and the Biden administration have until sometime between […]