WASHINGTON — The government will run out of cash to pay its bills by “summer or early fall” unless Congress lifts the statutory debt limit, the Bipartisan Policy Center estimated Wednesday.
The report by the independent think tank, a respected monitor of Treasury debt, marks at least the third assessment calling on a divided Congress to reach a deal to increase, or at least suspend, the debt limit before adjourning for the annual August recess.
“I am optimistic that today’s projection provides Congress and President Biden with a window of opportunity to come together and work out a deal,” Shai Akabas, the center’s director of economic policy, said in a statement. “They owe it to every hardworking American and small business owner to avoid the costs and risks associated with dragging this out to the 11th hour.”
