The U.S. may reach its debt limit by August or September unless Congress takes action, according to a Congressional Budget Office forecast Wednesday.

"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," the forecast reads.

The U.S. risks defaulting on over $36 trillion in national debt and it could come as early as May or June, the news outlet Politico reports.

This is crucial for the Trump administration as many Republicans are attempting to pass the "big, beautiful bill" that would raise the debt limit.

Treasury Secretary Scott Bessent said he will have his prediction on when the debt limit will be reached in May.oo