The route America's path to economic recovery is fraught with obstacles, starting with the skyrocketing inflation and the rapid spread of Covid-19 Delta variant . Now political wrangling in Washington looms another obstacle. If Congress does not raise the debt ceiling, the federal government will likely run out of cash by October or November, according to the Congressional Budget Office. Senatorial Minority Leader Mitch McConnellalready swear that the republicans will not vote increase the federal borrowing limit - even if failure to do so risks default that would cause the economy to fail. Biden 's According to Moody ' s Analytics I can't imagine there will be a single Republican vote to raise the debt ceiling after what we've been through said the Senate Minority Leader in a statement. interview with Punchbowl News published Wednesday. President Joe Biden responded by pointing out that Republicans had no problem raising the borrowing limit when a Republican was in the White House. You know, for the past four years, they've just extended the limit. debt, Biden told reporters. In 2019, Congress voted to suspend the debt limit entirely, but this two-year suspensionexpires at the end of this month. The Treasury Department may take extraordinary steps to keep the lights on, but not for long. These measures will most likely be exhausted in October or November, the non-partisan CBO estimated on Wednesday. faced the US economy on when the spike in inflation subsides and the summer peak in Covid-19 cases driven by the Delta variant will diminish. The timing of the debt limit deadline and the intersection of the issue along with the broader budget debate is likely to lead to high uncertainty in late September, when Congress will have to extend spending authority, Goldman Sachs economists wrote in a report sent to clients Wednesday night. Wall Street semble unperturbed, at least for the moment. Despite Monday slide , the US stock market remains a striking distance from all-time highs. There are also no red flags on this issue in the Treasury market.