The US could run out of money to pay its bills as soon as July if the debt ceiling isn't raised by then, the CBO projects

• The CBO projected the US could default on its debt as soon as July if the debt ceiling isn't raised by then.
• Previously, Treasury Secretary Janet Yellen said measures to keep the US funded would run out at some point this summer.
• The GOP is in the process of negotiating spending cuts to raise the debt ceiling.

Congress just got a fresh warning on the need to act soon to raise the debt ceiling.