The US government has been warned by the Congressional Budget Office of a looming “X-Date,” where the government could run out of cash to pay its bills on time. This crisis can occur as early as October or as late as December depending on tax receipts and spending. If Congress does not raise the debt ceiling in time, the government would have to take drastic measures such as selling assets or defaulting on obligations. This situation would have severe consequences on the US economy and global markets.
Today: November 30, 2023