New estimate U.S. could face default on debt by early June

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — A new estimate finds the U.S. could face an unprecedented default on its obligations as soon as early June if Congress does not act to lift the debt limit. The projection from the Bipartisan Policy Center says the U.S. will reach its statutory debt limit as soon as the summer or early fall of 2023.  The think tank previously had predicted that the “extraordinary measures” that U.S. Treasury uses to pay the government’s bills would not be exhausted before the third quarter of 2023. The center’s director of economic policy says the new projections reflect “considerable uncertainty in our nation’s current economic outlook.”