The nonpartisan Congressional Budget Office on Friday added more urgency to the fight over the debt limit, now saying there is a "significant risk" the U.S. will default on its debt "at some point in the first two weeks of June." Treasury Secretary Janet Yellen previously warned that a default could happen as soon as June 1, though Yellen has acknowledged there is considerable uncertainty around the exact "x-date." The new CBO assessment underscores the tight timeline lawmakers are facing to reach a deal to lift the debt ceiling, or risk an unprecedented default that analysts have warned would wreak havoc on the economy. MORE: US debt limit: How a default could affect youThe U.S. hit the debt ceiling in mid-January, and has since been using "extraordinary measures" to continue paying the government's obligations. Congressional Budget Office warns of US debt default 'in first two weeks of June' originally appeared on abcnews.go.com

Source: ABC News May 12, 2023 15:22 UTC