Congressional Budget Office says US could 'run out of cash' by summer if Congress doesn't act

The U.S. will default on its debt sometime this summer if Congress doesn't act and raise the $31.4 trillion debt limit, the Congressional Budget Office projected Wednesday.

"We project that, if the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023," CBO director Phillip Swagel said Wednesday in a statement.

A report from the CBO released Wednesday further stated, "Currently, the statutory limit on the issuance of new federal debt is set at $31.4 trillion. On January 19, 2023,...