The debt ceiling is set to be reached between mid-July and early October, according to a March 24 projection by the Bipartisan Policy Center.
The limit is how much the U.S. government can borrow to pay its bills.
The Bipartisan Policy Center based its prediction on numerous factors including the amount of tariff and tax revenues, increased disaster relief spending, and the state of the economy.
The think tank relied on data from the Treasury Department and the Congressional Budget Office.
“Fiscal responsibility is not just about avoiding financial calamity time and time again—it’s about ensuring economic stability and paying our bills on time,” Bipartisan Policy Center President and CEO Margaret Spellings said in a statement. …