U.S. Treasury's Cash Reserves Depleting, Debt-Ceiling Deadline Looms

The United States could potentially run out of money by June 5, the "X-date," if lawmakers don't manage to get an agreement to raise the debt ceiling. If there's no deal, the US could start missing payments, and its credit rating could be downgraded, making it more expensive for the government to borrow money. The economic impact of a debt ceiling breach is uncertain, but it could lead to market chaos, rising interest rates, and negative effects on the economy. Democrats have urged a large enough increase to the debt ceiling that will ensure that Congress doesn't have to deal with this debate again before the 2024 election.