The U.S. could risk default by August if Congress doesn’t address the debt ceiling, the non-partisan Congressional Budget Office forecast on Wednesday.

“The Treasury has already reached the current debt limit of $36.1 trillion, so it has no room to borrow under its standard operating procedures,” according to the CBO report.

The CBO noted its forecast is subject to uncertainty, though, and if borrowing needs exceed its projections the country could run out of money to pay its bills by late May or sometime in June.

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