Congressional Budget Office warns of US debt default 'in first two weeks of June'
The agency said there's "significant risk" cash will run out early next month. The nonpartisan Congressional Budget Office on Friday added more urgency to the fight over the debt limit, now saying there is a "significant risk" the U.S. will default on its debt "at some point in the first two weeks of June." In a new report, the agency said "the extent to which the Treasury will be able to fund the government's ongoing obligations will remain uncertain throughout May, even if the Treasury ultimately runs out of funds in early June." MORE: Biden, McCarthy face serious time crunch to reach debt ceiling deal This is an escalation from agency's previous assessment of how soon the government won't be able to pay its bills. In a May 1 blog post, the CBO warned of a greater risk Treasury would run out of funds in early June, while in February the CBO targeted July as the month where the U.S. would no longer be able to meet its obliga...