First Thing: US could default this summer unless $31.4tn debt ceiling raised

Good morning. The Congressional Budget Office yesterday said the US Department of the Treasury will exhaust its ability to pay all its bills sometime between July and September, unless the $31.4tn cap on borrowing is raised or suspended. In a report issued alongside its annual budget outlook, the non-partisan CBO cautioned that a historic federal debt default could occur before July if revenue flowing into the Treasury in April - when most Americans typically submit annual income tax filings - lags behind expectations. The pace of incoming revenue, coupled with the performance of the US economy in the coming months,…