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flag US faces potential default by August if Congress fails to raise the debt limit, warns CBO.

flag The US may run out of money to pay its bills by August if Congress doesn't raise the debt limit, warns the Congressional Budget Office (CBO). flag The government has reached its $36.1 trillion borrowing cap and is using extraordinary measures to manage funds. flag Without a deal, the US could face a default, leading to economic disruptions, job losses, and unpaid benefits to Social Security, veterans, and military families. flag The House has proposed a $4 trillion increase, but Senate approval is uncertain.

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