The U.S. risks defaulting on its debts as early as July unless the borrowing limit is raised, according to the nonpartisan Congressional Budget Office.
, the nonpartisan Congressional Budget Office said in a report on Wednesday.
The federal government on Jan. 19 reached its approximately $31.4 trillion debt ceiling -- which allows the U.S. to borrow money to pay for what tax and other revenue doesn't cover -- and the Treasury Department has since been using "extraordinary measures" along with its current cash flow to keep the government's obligations paid.
"CBO estimates that under its baseline budget projections, the Treasury would exhaust those measures and run out of cash sometime between July and September of this year," according to the report.
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