The Congressional Budget Office on Monday extended its estimate of when the debt limit must be raised, stretching its predicted “X-date” range to begin in mid-August and run through the end of September.
That’s when the agency estimates the “extraordinary measures” as well as reductions of the Treasury Department’s emergency cash buffer that are currently being used to allow continued borrowing will be exhausted.
The CBO in March estimated the Treasury’s cash on hand and ability to borrow could be exhausted by Aug. 1. But in its monthly budget review for May, the agency said the past three months of federal taxes collected and spending suggested the X-date would not occur until two weeks later at the earliest.
