Congress will need to raise the nation’s debt limit and avoid defaulting on loan payments by “early to mid-October,” the Congressional Budget Office said in a report on Thursday.
Treasury Secretary Steve Mnuchin has encouraged Congress to raise the limit before the legislative body leaves for their August recess. But it remains unclear if a bipartisan agreement has been struck to allow the limit to be raised, as both chambers continue to be weighed down by health care and tax reform and trying to find an agreement to fund the government after the September 30 deadline.
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