In January, the U.S. government ran up against its legal borrowing limit of $31.381 trillion, and the Treasury Department began implementing “extraordinary measures” to avoid missing payments on its bills.
That started speculation about the “x-date” — the date when those measures would be exhausted and the government might actually default if the limit on federal borrowing is not lifted. The x-date could be reached as early as June, depending on how much money the IRS collects in April from people filing their taxes.
HOW BIG A PROBLEM IS THIS?
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