The United States government could face a debt ceiling crisis this summer if the current $31.4 trillion debt limit is not raised or suspended, as Republicans spar with the Biden administration over conditions to increase it.

“The Congressional Budget Office (CBO) projects that, if the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023 — that is, in the fourth quarter of the current fiscal year,” CBO said in a statement.

“If the debt limit is not raised or suspended before the extraordinary measures are exhausted, the government would be unable to pay its obligations fully,” CBO added. “As a result, the government would have to delay making payments for some activities, default on its debt obligations, or both.”

Senate Majority Leader Chuck Schumer, D-N.Y., was critical of the GOP’s plans, or lack thereof, to address the debt ceiling. On Wednesday, he echoed President Joe Biden’s calls for House Republicans to unveil their budget plan in a statement released by Senate Democrats.

“It takes 218 votes, as we know, to pass anything in the House, and with a razor-thin GOP majority paralyzed by internal division — and with the stronghold the MAGA Republicans have on the Speaker — Speaker McCarthy will have a very difficult time getting everyone on the same page, if he can do it at all,” Sen. Schumer said.

CURRENTPH NEWS SERVICE