Congress has only a few months to raise the debt limit and avert a potentially catastrophic US default, putting pressure on Republican leaders to finalize a sweeping budget plan that includes tax cuts and other priorities for President Donald Trump.
The federal government is estimated to exhaust its borrowing capacity sometime in August or September, according to a March 26 Congressional Budget Office analysis. A separate Bipartisan Policy Center analysis from March 24 found the debt limit could be breached as soon as July.
Those estimates could accelerate the timeline for Republicans to enact Trump’s agenda without Democratic votes using ...
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