The Treasury Department could exhaust its cash by late fall if a new federal debt ceiling plan isn't put in place, according to a Congressional Budget Office report.
The government can no longer borrow normally after March 15 under a measure enacted last year to suspend the debt limit. It could borrow temporarily after the deadline through so-called extraordinary measures but would run out of money in October or November, the CBO said.
The agency stressed that the timeline is far from certain. However, it sets up a congressional vote on raising the debt ceiling before U.S. cash is exhausted and the government defaults on its obligations.