A new economic projection suggests Congress could be headed for a showdown over the U.S. debt limit by mid-June.
FIRST ON FOX: A potential showdown over the U.S. debt limit is projected to hit Capitol Hill by mid-June, a new calculation suggests. The Economic Policy Innovation Center released a new model Monday that said it is 'possible' the U.S. government would exhaust the ability to pay its debts by June 16, 2025. 'The government is projected to run about a $2 trillion deficit next year.
’s analysis projected that 'extraordinary measures' that can be invoked by the Treasury Department to avoid national default can carry the U.S. for roughly six more months at most, until a day known as the 'X-date.' Failure to raise the debt limit could lead to major spirals in the U.S. and global economies. Biden and McCarthy’s deal was struck in late May of last year, just days ahead of a projected federal default on June 5.
Additionally, while the players will be different next year – President-elect Donald Trump instead of Biden, McCarthy replaced by House Speaker Mike Johnson, R-La., and Republicans flipping the balance of power in the Senate – Dickerson pointed out that the GOP’s slim margins in Congress will mean Democrats will still need a seat at the negotiating table.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First transgender woman elected to Congress is banned from using women's Capitol Hill restroomsHouse Speaker Mike Johnson declared that lawmakers and staff will have to use restrooms corresponding with their biological gender.
Read more »
Whoopi Goldberg’s ‘Favorite’ Cake Makes Appearance on Capitol HillRep. Nicole Malliotakis wanted in on the action after Goldberg sparked a feud with a Staten Island bakery.
Read more »
Montana transgender lawmaker on Capitol Hill's bathroom ban: 'Do not cede ground'Rooted in fact-based, transparent reporting, Newsy is an award-winning opinion-free network owned by the E.W. Scripps Company that is relentlessly focused on “the why” of every story and seeks to enable a more intimate and immersive understanding of the issues that matter.
Read more »
Matt Gaetz, JD Vance hit Capitol Hill to sway GOP on Attorney General nominationLawmakers on Capitol Hill are holding on to an ethics report on Matt Gaetz for now.
Read more »
Matt Gaetz, JD Vance hit Capitol Hill to sway GOP on Attorney General nominationLawmakers on Capitol Hill are holding on to an ethics report on Matt Gaetz for now.
Read more »
Matt Gaetz, JD Vance hit Capitol Hill to sway GOP on Attorney General nominationLawmakers on Capitol Hill are holding on to an ethics report on Matt Gaetz for now.
Read more »