The U.S. is at risk of a default in October or November unless Congress raises or suspends the debt limit, the Congressional Budget Office said, offering lawmakers a cushion of time to avert a potential crisis. Without an increase, the Treasury Department’s ability to borrow would be exhausted and it would probably run out of cash sometime in the first quarter of the fiscal year starting Oct. 1, “most likely in October or November,” the nonpartisan CBO said in a report Wednesday. The debt limit, or the total debt the Treasury can issue to the public and other government agencies, has been on a two-year hold that ... (full story)