FIRST ON FOX: A potential showdown over the U.S. debt limit is projected to hit Capitol Hill by mid-June, a new calculation suggests.
The Economic Policy Innovation Center (EPIC) released a new model Monday that said it is “possible” the U.S. government would exhaust the ability to pay its debts by June 16, 2025.
“The government is projected to run about a $2 trillion deficit next year. And so that means that the spending obligations that Congress and the government have incurred are a lot more than what we’re going to bring in tax revenues,” Matthew Dickerson, director of Budget Policy at EPIC, told Fox News Digital. “To be able to pay the things the government has promised to pay on time, you need to increase the debt limit.”
An agreement struck by President Biden and former House Speaker Kevin McCarthy, R-Calif., last year suspended the debt limit through January 2025. In that time, the national debt surpassed $36 trillion.
