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.
US Government Warned of Looming X-Date
The US government could face a fiscal crisis if it runs out of cash to pay its bills on time, a situation known as the "X-Date." On Friday, a new warning was issued by the nonpartisan Congressional Budget Office that the X-Date could happen 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 to allow further borrowing, the government would have to resort to extreme measures and risk defaulting on its obligations.
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