US could face default as soon as June if debt ceiling isn’t lifted, says thinktank

Expectations are low for quick progress as Republican lawmakers push for steep spending cuts in exchange for a deal

The US could face an unprecedented default on its obligations as soon as early June if Congress does not act to lift the debt limit, a Washington thinktank said on Wednesday.

The Bipartisan Policy Center (BPC), which forecasts the approximate X-date" when the government will no longer be able to meet its financial obligations on time, said the US will reach its statutory debt limit as soon as the summer or early fall of 2023.