The Bipartisan Policy Center warns that the US could breach its $36 trillion debt ceiling between July and October unless Congress raises the limit. Factors influencing this timeline include tax revenue, hurricane impact, and overall economic strength. Spending cuts proposed by the Department of Government Efficiency could also affect timing. The report emphasizes urgency for lawmakers to act promptly to prevent market volatility and loss of confidence in US fiscal stability, highlighting past experiences with approaching debt limits.
Lawmakers cannot afford to delay action on the debt limit, with potential market volatility, higher borrowing costs, and reduced confidence in US fiscal stability if the deadline is approached.
Congress has a full plate in 2025, but addressing debt limit well ahead of the X Date should rise to the top of the priority list right now.
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