US could default on debt by late summer

(CNN, KYMA/KECY) - The federal government could default on its debt between July and September if Congress doesn't act.

That's the finding of a Congressional Budget Office (CBO) report out Wednesday.

It says that's when it expects the treasury department to exhaust its ability to borrow money through extraordinary measures.

The CBO stresses the government could run out of money sooner if, for instance, April tax receipts come in lower than expected.

Congress could save the U.S. from a catastrophic default by raising the debt ceiling.

That would require House republicans to pass a bill the president would sign, but the two sides have yet to agree on how to do that.