The U.S. government has until August or September to lift the country’s borrowing limit to avert a default on its $36 trillion-and-counting debt, according to the Congressional Budget Office’s (CBO) projections released Wednesday morning. The nonpartisan forecast sets a deadline for Congress to address the statutory debt limit before the government runs out of money to pay its bills. Congressional Republicans are attempting to raise the debt limit through a filibuster-proof tax and spending package, circumventing Democratic lawmakers from potentially using debt limit negotiations as a point of leverage.
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