The Congressional Budget Office projects Uncle Sam will run out of money this fall, likely in October or November. "If that occurred, the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both," the CBO said in a statement.

In 2019, Congress suspended the debt limit for two years. That suspension ends on July 31.

Congress imposed the first debt ceiling in 1917. The Second Liberty Bond Act capped debt at $11.5 billion. This was supposed to put some kind of restraint on government borrowing. Of course, it didn't. Every time the debt approaches the ceiling, Congress simply raises it. Between 1962 and 2011, lawmakers jacked up the debt "limit" 74 times, according to the Congressional Research Service.