Released today...
The Congressional Budget Office projects that, if the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023. The projected exhaustion date is uncertain because the timing and amount of revenue collections and outlays over the intervening months could differ from CBO’s projections.—the extraordinary measures could be exhausted sooner, and the Treasury could run out of funds before July.
If the debt limit is not raised or suspended before the extraordinary measures are exhausted, the government would be unable to pay its obligations fully.2 As a result, the government would have to delay making payments for some activities, default on its debt obligations, or both.
https://www.cbo.gov/publication/58945
Federal Debt and the Statutory Limit, February 2023 | Congressional Budget Office
HTML Format - The debt limit—commonly called the debt ceiling—is the maximum amount of debt that the Department of the Treasury can issue to the public or to other federal agencies. The amount is set by law and has been increased or suspended over the years to allow for the additional borrowing need..
https://www.cbo.gov/publication/58945
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