What's behind the looming 'x-date' on the US debt limit?
In January, the U.S. government ran up against its legal borrowing capacity of $31.381 trillion, and the Treasury Department began implementing “extraordinary measures” to avoid a default
By JOSH BOAK
Published - Apr 24, 2023, 01:48 PM ET
Last Updated - Jun 22, 2023, 04:31 AM EDT
WASHINGTON (AP) — In January, the U.S. government ran up against its legal borrowing limit of $31.381 trillion, and the Treasury Department began implementing “extraordinary measures” to avoid missing payments on its bills.
That started speculation about the “x-date" — the date when those measures would be exhausted and the government might actually default if the limit on federal borrowing is not lifted. The x-date could be reached as early as June, depending on how much money the IRS collects in April from people filing their taxes.
How big a problem is this?
It seems ominous, right?
