As Congress gears up for another fight over the debt ceiling, the so-called "X date," when the United States is no longer able to meet its debt obligations on time, will most likely fall between December 21, 2021 and January 28, 2022, the Bipartisan Policy Center projects. This new projection is a narrower window than the group's previous assessment of when the risk will dramatically escalate, which was mid-December to early February.

Treasury Secretary Janet Yellen told the Senate Banking Committee earlier this week she's confident the U.S. will be able to...