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US debt limit could be reached by Dec. 21, analysis shows
Congress faces Dec. 15 debt ceiling deadline
Jason Smith and Tomas Philipson join ‘The Evening Edit’ to discuss the battle over government spending as Friday deadline approaches
The U.S. government could run out of cash to pay its bills in just a few weeks if Congress fails to raise the federal debt ceiling, according to a new analysis from a Washington think tank.
The forecast from the Bipartisan Policy Center shows the "X Date" – the day when Treasury Secretary Janet Yellen runs out of maneuvering room to prevent the U.S. from broaching the debt ceiling – will take place sometime between Dec. 21 and Jan. 28.
WHAT IS THE DEBT CEILING?
"Those who believe the debt limit can safely be pushed to the back of the December legislative pileup are misinformed," Shai Akabas, the center's director of economic policy, said in a statement. "Congress would be flirting with financial disaster if it leaves for the holiday recess without addressing the debt limit."
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