The United States is on track to hit its statutory debt ceiling — the so-called X-date when the country runs short of money to pay its bills— as early as August without a deal between lawmakers and the White House.

The Congressional Budget Office warned that the federal government could run out of enough money to pay all of its bills on time as soon as August if lawmakers fail to raise or suspend the debt limit.

The U.S. government will probably risk defaulting on some of its $36.6 trillion in debt as soon as August - or possibly even by late May - unless Congress acts to raise the nation's debt ceiling, the non-partisan Congressional Budget Office forecast on Wednesday.