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All i do is win remix clean version6/1/2023 ![]() ![]() Treasury Secretary Janet Yellen warned again that "a default on our debt would produce an economic and financial catastrophe." But Republicans have said they will not agree to do so unless the government also cuts spending. government must borrow money to pay off its debt, and Congress would need to raise the current debt ceiling to avoid a potentially devastating debt default. ![]() government will run out of cash to pay its bills sometime between July and September unless Congress raises the nation's $31.4 trillion debt ceiling, the nonpartisan Congressional Budget Office projected Wednesday.īut the agency said the timing remained uncertain, and the government could find itself unable to meet its debt obligations even before July should it face a shortfall in income tax receipts.
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