CBO provides additional detail about its latest baseline projections, which were published on July 1, 2021. The projected deficit for 2021 is $3.0 trillion, $126 billion less than the deficit recorded last year.
CBO projects that if the debt limit is not raised, the Treasury would probably run out of cash and be unable to make its usual payments starting sometime in the first quarter of the next fiscal year, most likely in October or November.
