As lawmakers return Monday from recess, they are staring down a fast-approaching deadline to address the debt limit or risk an unprecedented default.
0:59STOCK IMAGE/Getty ImagesThe United States reached its $31.4 trillion borrowing limit back in January and is now relying on "extraordinary measures" to keep the government fully funded and avoid what would be an economically catastrophic default. When exactly those measures will run out -- dubbed the "X-date" -- is a moving target, experts told ABC News, though it could happen as early as this summer.
"Nailing down the precise day that the Treasury runs out of cash to pay everyone on time is highly uncertain and very difficult to gauge," said Mark Zandi, the chief economist at Moody's Analytics.Anadolu Agency via Getty Images House Republicans have demanded spending cuts in exchange for lifting the debt ceiling, while Democrats are calling for a "clean" raise without conditions.
"Passage of a strong debt limit bill before the end of the April legislative session must be the chamber's top priority," Hern said. "We must work night and day to get it passed to show the American people we can be trusted and force the Senate and White House to answer for their dereliction of duty."
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