US Government Could Miss Payments as Soon as Dec. 21: Think Tank

US Government Could Miss Payments as Soon as Dec. 21: Think Tank
A picture illustration shows $100 bank notes taken in Tokyo, Japan, on Aug. 2, 2011. Yuriko Nakao/Reuters
Reuters
Updated:

WASHINGTON—A bipartisan think tank warned on Friday the U.S. government could start missing payments on its bills as soon as Dec. 21 if Congress fails to raise the debt limit, as top Democrats and Republicans sought a path around such a financial calamity.

The Bipartisan Policy Center’s projection, based on updated official data on tax receipts and government spending, underscores the mounting pressure on President Joe Biden’s Democratic Party to find a way to raise the statutory $28.9 trillion debt limit and avoid the heavy economic repercussions that could come with missed payments.