The Congressional Budget Office on Wednesday warned that the Treasury Department "would probably run out of cash sometime" in October or November 2021 if Congress doesn't raise the debt ceiling from 22 trillion or extend a suspension on a limit enacted back in 2019.
Until then, the CBO said, the government could rely on "extraordinary measures" to keep paying its bills. But, ultimately, the question will come down to legislation — and it seems a showdown is brewing. Democrats want to raise the ceiling, but Republicans are unlikely to vote for an increase. Senate Minority Leader Mitch McConnell (R-Ky.) suggested to Punchbowl News on Wednesday that Democrats should include the measure in the $3.5 trillion budget deal they plan to pass through the process of reconciliation.
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