CBO Director: Still expects the U.S. debt ceiling "X date" to arrive at the end of summer.

The director of the Congressional Budget Office (CBO), Phillip Swagel, stated that the US Treasury is likely to be able to continue paying government bills until late summer, at which point Congress must take action to raise or suspend the debt ceiling. Phillip Swagel stated that federal fiscal revenues appear to be in line with earlier forecasts, indicating that the Treasury may run out of cash in a few months and may face potential default risks of not fully meeting payment obligations on time. When asked about the potential "X Date", Swagel said that he still expects the "X Date" to arrive in late summer. The "X Date" refers to the date when the US government's debt reaches the debt ceiling, causing the federal government to be unable to maintain basic public expenditures and repay debt principal and interest. The US Treasury will provide an official report in the first half of May, stating when it expects to run out of cash and use its so-called "extraordinary measures". Since January 21, the US Treasury has been using these special accounting operations to sustain federal payments. It is worth mentioning that the CBO warned in March that if the government's borrowing needs significantly exceed expectations, the Treasury's resources could run out by the end of May. Phillip Swagel also stated on Monday that the "X Date" could still come earlier, depending on future revenues, especially in June. However, he also added, "I feel reassured by the later forecasted date, believing that Congress has time to act." Republican lawmakers have included raising the debt ceiling in tax-cut legislation aimed at passing without relying on Democratic votes, but the bill still faces many obstacles, and the specific timing of passage is unclear.