“The Congressional Budget Office projects that, if the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will be exhausted between July and September 2023 – that is, in the fourth quarter of the current fiscal year. The projected exhaustion date is uncertain because the timing and amount of revenue collections and outlays over the intervening months could differ from CBO’s projections. In particular, income tax receipts in April could be more or less than CBO estimates. If those receipts fell short of estimated amounts – for example, if capital gains realizations in 2022 were smaller or if U.S. income growth slowed by more in early calendar year 2023 than CBO projected – the extraordinary measures could be exhausted sooner, and the Treasury could run out of funds before July,” says the latest debt ceiling apocalypse update from the Congressional Budget Office nerds, published Wednesday.