The debt ceiling does nothing to control spending—and puts the U.S. economy at risk. Congress should eliminate this outdated and dangerous policy.

The consequences of failing to raise the debt ceiling are astronomical and could cause the government to miss payments on its debt once it runs out of funds through the “extraordinary measures”

Tax collection projections are down. Refunds are up. That’s a formula that could dampen US government revenue and, if it persists, portend an earlier deadline for Congress to raise the debt ceiling — or risk a federal payments default.

The US could default on its $36 trillion debt as early as July and no later than October without congressional action, according to a study released Monday.

Recent reports from the Congressional Budget Office (CBO) and the Bipartisan Policy Center estimate that the debt ceiling, which was reinstated on January 2, will need to be lifted in advance of the “X date,” projected to be reached in the late summer, in order to avoid default.

The federal government could be unable to pay its bills as soon as August if Congress doesn't act, the Congressional Budget Office estimated.

It may be playing with fire, but it’s the best hope the party has to extract concessions from a reckless Trump administration.

The United States is on track to hit its statutory debt ceiling — the so-called X-date when the country runs short of money to pay its bills— as early as August without a deal between lawmakers and the White House.

Senate Republicans had previously endorsed a two-track approach, with the second bill focusing just on renewing the 2017 Tax Cuts and Jobs Act.

If Republicans fail to get the votes on their own to lift the debt ceiling, with the deadline expected in August or September, they'll have to negotiate with Democrats.