US Could Default by Summer If Debt Ceiling Deal Not Reached: Congressional Budget Office

Congressional Budget Office Director Phillip Swagel testifies before the Legislative Branch Subcommittee of the House Appropriations Committee during a hearing on the "Congressional Budget Office FY2021 Budget Request," in the U.S. Capitol in Washington, D.C., on Feb. 12, 2020. Sarah Silbiger/Getty Images

The United States could default on its debt sometime over the summer if the president and House Republicans don’t agree to raise the debt ceiling soon, according to the Congressional Budget Office (CBO).

“If the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023,” CBO Director Phillip Swagel said on Feb. 15.