US may run out of money by August if Congress fails to raise the debt limit, risking default.

The United States could run out of money to pay its bills by August if Congress does not raise the debt limit, according to the Congressional Budget Office. If the government can't borrow more funds, it could default on its debt, affecting payments for programs like Medicare and Social Security. The Treasury has already used special measures to avoid reaching the debt ceiling, but these will soon be exhausted.