The new projection comes from the Bipartisan Policy Center, which used the latest data on U.S. cash flow to predict when the nation will again risk defaulting on its billions of dollars in loans, after Republicans acted last summer to raise the limit by $5 trillion through their One Big Beautiful Bill Act.

Once the debt limit is reached, the Treasury Department begins what it calls “extraordinary measures” to tap cash reserves and use accounting maneuvers that keep the U.S. from breaching the ceiling. Those cash conservation tactics are likely to buy another six to nine months, the nonpartisan think tank predicts.

Congress’ nonpartisan scorekeeper predicted earlier this year that federal debt held by the public will rise from more than 100 percent of GDP this year to 120 percent in a decade, far exceeding the previous high of 106 percent of GDP in 1946. At the same time, new polling shows that more U.S. adults now view the deficit as a bigger problem than they did a year ago, as the United States is on track to spend $2 trillion more than it takes in during the current fiscal year.

The next Congress and President will need to enact a new law to further raise or waive the borrowing cap, in order to stave off an unprecedented U.S. debt default many economists predict would depress the global economy.

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As embarked on the visit, Trump was met with a ceremony that featured an honor guard, as well as a crowd of children waving Chinese and American flags.

“The relationship between China and the USA is going to be better than ever before,” Trump said, making his opening remarks in the Great Hall of the People. During his banquet toast, Trump also invited Xi to the U.S. for a September visit.

President Xi said his country was committed to building a “relationship of strategic stability” with the U.S.

At the summit, Xi placed Taiwan, a key point of friction between the U.S. and China, at the center, calling it “the most important issue” between the two countries.

Taiwan is a self-governing island that China claims as its own territory. Beijing has never renounced the use of force to unify Taiwan with the Chinese mainland.

The U.S. relationship with Taiwan has long been viewed with hostility in Beijing. Washington continues to sell arms to Taiwan, but has also long adopted a policy of strategic ambiguity over whether it would militarily come to Taiwan’s defense.

Xi warned the U.S. “must exercise extra caution in handling the Taiwan question.”

“If it is handled properly, the bilateral relationship will enjoy overall stability,” Xi told Trump. “Otherwise, the two countries will have clashes and even conflicts, putting the entire relationship in great jeopardy.”

“‘Taiwan independence’ and cross-Strait peace are as irreconcilable as fire and water,” Xi said, adding that “safeguarding peace and stability across the Taiwan Strait is the biggest common denominator between China and the U.S.”

The White House readout called the meeting “good” and did not mention Taiwan and remained vague on any potential deal making.

“The two sides discussed ways to enhance economic cooperation between our two countries, including expanding market access for American businesses into China and increasing Chinese investment into our industries,” a White House statement said.

Fentanyl and Chinese purchases of agricultural products were also discussed, according to the White House.

Trump and Xi last met last October on the sidelines of an APEC summit in South Korea, ending a long-standing trade war. Since then, the U.S. and China have been engaged in what analysts call a trade truce.

Trump and Xi’s meeting in the Great Hall of the People was followed by a visit to Beijing’s Temple of Heaven, a place once frequented by Chinese emperors, who prayed for good harvests.

The visit, which includes a state banquet, a tour to the compound that houses the Chinese Communist Party in Beijing and a working lunch between the two leaders, is scheduled to conclude on Friday.

Trump and Xi, according to Chinese state media, also talked about the Middle East and the war in Ukraine.

“Both the United States and China want to see de-escalation of the conflict and the fallout of the U.S. war against Iran,” said Ali Wyne, senior researcher at the International Crisis Group.

Strait of Hormuz “must remain open”

The White House also said in its statement that Xi and Trump had agreed that the Strait of Hormuz, the key waterway through which 20% of the world’s gas moves, must remain open.

Accompanying the U.S. delegation in Beijing are a dozen top U.S. executives, including SpaceX’s Elon Musk, Apple’s Tim Cook and NVIDIA’s Jensen Huang.

According to Chinese state media, Xi told the business leaders that U.S. companies were contributing to China’s reforms and opening up. “The door to China for U.S. business would only get wider,” Xi said.

“They look forward to trade and doing business, and it’s going to be totally reciprocal on our behalf,” Trump said.

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Trump and Xi had a “good meeting,” according to White House official, but the official readout has no mention of Taiwan — which Xi earlier warned of a “conflict” if the issue was handled improperly.

“The two sides agreed that the Strait of Hormuz must remain open to support the free flow of energy. President Xi also made clear China’s opposition to the militarization of the Strait and any effort to charge a toll for its use, and he expressed interest in purchasing more American oil to reduce China’s dependence on the Strait in the future. Both countries agreed that Iran can never have a nuclear weapon.”

President Trump’s trip came at a time when the US war with Iran loomed and was leading to economic consequences for Americans at home.

However, President Xi did say that if the issue is handled “properly,” “bilateral relations can remain generally stable.”

After a dramatic welcoming ceremony, Trump sat down with Xi on the first day of a multi-day summit, during which Trump said he’d seek to deepen diplomatic and economic ties between the world’s two largest economic powers.

Iran was also discussed between the leaders, with both sides agreeing that the Strait of Hormuz should remain open. This is a position China has already held.

The meeting also covered investments, economic cooperation, fentanyl and increasing Chinese purchases of American farm products.

The bilateral meeting between the two leaders in the Great Hall of the People lasted more than 2 hours according to pool reporters traveling with the president.

Ahead of the meeting, after Trump and a slate of other U.S. officials had gathered around the negotiating table, Trump called Xi a “great leader” and touted their relationship.

“Such respect for China, the job you’ve done. You’re a great leader. I say it to everybody. You’re a great leader,” Trump said. “Sometimes people don’t like me saying it, but I say it anyway, because it’s true. I always say the truth.”

“We’ve had a fantastic relationship. We’ve gotten along,” Trump said. “When there were difficulties, we worked it out. I would call you, and you would call me, and whenever we had a problem — people don’t know — whenever we had a problem, we worked it out very quickly, and we’re going to have a fantastic future together.”

In his opening remarks, Xi told Trump that China and the U.S. “both stand to gain from cooperation and lose from confrontation.”

“We should be partners, not rivals, “he continued. “We should help each other succeed and prosper together and find the right way for major countries to get along well with each other in the new era.”

According to a bulletin from Xinhua, Xi emphasized that the issue of Taiwan is “the most important issue in China-U.S. relations,” saying if they are “if handled improperly, the two countries will clash or even come into conflict, pushing the entire China-U.S. relationship into a very dangerous situation.”

Secretary of State Marco Rubio told Fox News ahead of the visit  that the U.S. will urge China to take a more assertive role in resolving the U.S.’s war with Iran during Trump’s meeting with Xi.

“It’s in their interest to resolve this. We hope to convince them to play a more active role in getting Iran to walk away from what they’re doing now and trying to do now in the Persian Gulf,” Rubio said during an interview taped on Air Force One Tuesday while Rubio and Trump were on their way to Beijing.

“We’ve made clear to them, you know, that any support for Iran would obviously be detrimental for our relationship. That obviously is going to come up in this conversation,” Rubio said.

Trump was asked ahead of the state dinner,  whether the pair would discuss diplomatic ways to end the war with Iran, which is in its third month. Trump said the U.S. had Iran “very much under control,” adding that it would be among the topics discussed.

“We’re either going to make a deal or they’re going to be decimated, one way or the other. We win,” Trump said. “We’re going to be talking about; we’re going to be talking with President Xi.”

The last time Xi visited the White House was in September 2015 when former President Obama hosted him for a State Visit. The visit will be one of four meetings that the leaders wanted to have this year as part of their agreement last fall that put a pause on the tit-for-tat tariff war last year.

Trump said on social media on Tuesday that he planned to ask Xi to “open up” the Chinese economy. The U.S. delegation includes Rubio, Treasury Secretary Scott Bessent, Defense Secretary Pete Hegseth, U.S. Ambassador to China David Perdue and U.S. Trade Representative Jamieson Greer. CEOs Elon Musk of Tesla and SpaceX, Tim Cook of Apple and Jensen Huang of NVIDIA as well as the president’s son Eric Trump and daughter-in-law Lara Trump were also present.

Trump said the business leaders joined him to “pay respects” to Xi.

“We asked the top 30 in the world. Every single one of them said ‘yes,’ and I didn’t want the second or the third in the company. I wanted only the top. And they’re here today to pay respects to you and to China, and they look forward to trade and doing business, and it’s going to be totally reciprocal on our behalf,” Trump said.

The White House said one of Trump’s goals going into the summit with Xi is to secure purchasing agreements with China in the aerospace, agriculture and energy sectors and the CEOs traveled with the president to help push for that.

China’s Foreign Ministry spokesperson, Guo Jiakun, said that the scheduled diplomatic meetings were expected to play “an irreplaceable role in providing strategic guidance for China-U.S. relations.”

“During the visit, the two heads of state will have an in-depth exchange of views on major issues concerning China-U.S. relations and world peace and development,” Guo added, according to a transcript published by the ministry. “China stands ready to work with the U.S. to expand cooperation and manage differences in the spirit of equality, respect and mutual benefit, and provide more stability and certainty for a transforming and volatile world.”

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Mamdani positioned the first budget of his administration, $124.7 billion for Fiscal Year 2027, as a major shift away from austerity while maintaining fiscal stability.

The plan closes significant budget gaps without raising property taxes, cutting services, or tapping into reserve funds – moves the administration says protect working-class New Yorkers as facing deficits exceeding $12 billion is the largest since the Great Recession.

“It is evidence of a new era of government in our city, one that can balance both ambition and fiscal responsibility,” Mamdani said.

City Comptroller Mark Levine warned of deficits of more than $7 billion.

“This is really a one-shot windfall that I would prefer seeing used to bolster reserves, which is something to protect us for the uncertainty ahead,” Levine said.

Agencies were directed to appoint Chief Savings Officers, generating $1.77 billion in savings across FY26 and FY27. Additional reforms, including program efficiencies and a revised debt payment schedule, are expected to save billions more.

Prior to the budget release, Governor Kathy Hochul and Mayor Mamdani announced new state support and actions to help New York City close its deficit. Governor Kathy Hochul, in partnership with the state legislature, has secured an additional $4 billion in gap-closing support.

One billion dollars was secured by delaying class size restrictions, providing additional school aid and other policy compromises, and $2.3 billion by delaying pension payments for unionized city employees.

“This restructuring has no impact on retirees and their benefits or current employees and their future benefits,” Mamdani said.

That’s in addition to new revenue streams such as a pied-à-terre tax targeting high-value second homes. The city is also pursuing reforms to reduce a tax credit that primarily benefits wealthy residents.

Mamdani framed the budget as a rejection of past austerity measures.

“We are restoring fiscal stability without asking working families to pay for a crisis they did not create,” he said.

The budget includes new investments across key areas. Funding will expand libraries, parks, public transit affordability programs, and education and child care initiatives – including a new municipal daycare system – to support families.

Public safety spending will boost community-based programs, legal support, and emergency services staffing.

Other priorities include safer streets, expanded sanitation efforts, worker protections, and mental health services.

The city is also increasing capital spending, committing billions to affordable housing and the New York City Housing Authority, marking one of the largest NYCHA investments in recent history.

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President Donald Trump confirmed on March 29 that he would allow a Russian tanker to supply Cuba despite the blockade against the island.

“I told them if a country wants to send some oil into Cuba right now, I have no problem with that, whether it’s Russia or no,” Trump told reporters March 29 aboard Air Force One. “Whether or not they get a boat of oil, it’s not going to matter. I’d prefer letting it in, whether it’s Russia or anybody else, because the people need heat and cooling and everything else.”

The United States has blocked shipments from Venezuela, which supported Cuba before the U.S. removed its former leader, Nicolas Maduro. Ship-tracking data showed the sanctioned Russian-flagged tanker, Anatoly ⁠Kolodkin, was just off the eastern tip of Cuba and due to reach the port of Matanzas on March 30, Reuters reported, citing Cuban news site Cuba debate.

However, Trump repeated his vow that Cuba would be next, which critics have worried could mean military action against the island nation after the military removal of Venezuela’s leader and the U.S.-Israeli war on Iran. By “next,” Trump has said that could mean helping free it or “taking it.”

Trump’s latest comments marked a stark change from January.  After removing Maduro, Trump had said on social media Jan. 11: “THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA – ZERO!” He also signed an executive order Jan. 29 threatening new duties on countries that provided oil to Cuba.

The oil would provide relief to Cuba, which, according to President Miguel Diaz-Canel, has not received any oil imports for three months. The lack of oil led to strict rationing of gasoline and worsened an energy crisis that resulted in power outages across Cuba.

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The move makes Trump the first sitting president to have his signature on American paper currency.

“The President’s mark on history as the architect of America’s Golden Age economic revival is undeniable. Printing his signature on the American currency is not only appropriate, but also well deserved,” Treasurer Brandon Beach said in a statement.

 “There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than U.S. dollar bills bearing his name, and it is only appropriate that this historic currency be issued at the Semiquincentennial,” Treasury Secretary Scott Bessent said in a statement.

This is not the first time the Trump’s signature and name will be closely attached to money in Americans’ pockets. Last year, the administration initiated “Trump checks,” or seeded, tax-free investment accounts for American children born between 2025 and 2028. And during the early days of the Covid lockdown, stimulus checks to all American’s bore the president’s signature.

The Treasury Department did not respond to a request for comment on the duration of the change or where on bills the signature will appear, though the official announcement did note that the signature would appear on “future” U.S. paper currency “along with” the Treasury secretary’s signature, which is on the bottom right of the face of bills.

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Russian Foreign Minister Sergey Lavrov spoke by phone with Iranian Foreign Minister Abbas Araghchi, Russia’s Foreign Ministry said. Araghchi briefed Lavrov on Iran’s attempts to repel the attacks and said Iran would seek to convene an urgent U.N. Security Council session, it said. Lavrov reiterated Russia’s condemnation of the U.S.-Israeli strikes and Moscow’s readiness to help broker peace.

Kremlin spokesman Dmitry Peskov said Putin discussed the situation in Iran with Russia’s Security Council via videoconference, but did not give details.

In a statement posted to Telegram, the Foreign Ministry accused Washington and Tel Aviv of “hiding behind” concerns about Iran’s nuclear program while actually pursuing regime change.

It warned the attacks risked triggering a “humanitarian, economic and possibly radiological catastrophe” in the region and accused the U.S. and Israel of “plunging the Middle East into an abyss of uncontrolled escalation.”

In the Foreign Ministry statement, Moscow called the bombing of nuclear facilities under International Atomic Energy Agency safeguards “unacceptable” and said it stood ready to help broker a peaceful resolution, while placing full responsibility for the escalation on the United States and Israel.

“Responsibility for the negative consequences of this manmade crisis, including an unpredictable chain reaction and spiraling violence, lies entirely with them,” the statement said.

Russia’s Foreign Ministry also condemned what it called “the serial nature of destabilizing attacks carried out by the U.S. administration,” accusing the U.S. of attacking “the international legal pillars of the world order.”

Putin and his Iranian counterpart, Masoud Pezeshkian, signed a broad cooperation pact in January last year as their countries deepened their partnership in the face of stinging Western sanctions.

Iranian forces and Russian sailors conducted annual drills in the Gulf of Oman and the Indian Ocean last week aimed at “upgrading operational coordination as well as exchange of military experiences,” Iran’s state-run IRNA news agency reported.

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The Saudi Crown Prince Mohammed bin Salman was greeted on the South Lawn by an Army mounted honor guard and black horses bearing American and Saudi flags, with six warplanes conducting a flyover of the White House for a touch of military drama as bin Salman reached Trump’s side.

 “Trump doesn’t give a fist bump,” Trump said after shaking the crown prince’s hand in the Oval Office. “I grab that hand. I don’t give a hell where that hand has been, I grab that hand.”

Saudi Arabia pledged to increase its US investments from $600 billion to almost $1 trillion — with investments across the US economy and a focus on sectors including artificial intelligence and rare earth materials.

“Today and tomorrow, we are going to announce that we are going to increase that, that $600 billion to almost $1 trillion of investment, real investment and real opportunity in many areas,” bin Salman said.

Trump celebrated the scale of the commitment, saying, “we’re doing numbers that nobody’s ever done.”

“You know, that’s great. I appreciate that. That’s great,” he said. “…That means investments in plants, in companies, money on Wall Street. And what it really means for everybody, what really counts is jobs. A lot of jobs. We have a lot of jobs.”

Trump further noted that the investment was a reflection of the state of the US economy under his leadership.

“In all fairness, if you didn’t see potential in the US, you wouldn’t be doing it,” he said. “You don’t want to lose money.”

Details on the defense and minerals investment were not yet available, but the prince told the president the US is the “hottest country on the planet” for foreign investment.

“What you’re creating is not about an opportunity today. It’s also about long-term opportunity,” Mohammed said.

The president brushed off a reporter’s question about whether his family’s business dealings with Saudi Arabia constituted a conflict of interest in the Oval Office on Tuesday.

“I have nothing to do with the family business. I have left and I’ve devoted 100% of my energy [to running this country],” Trump said.

“What my family does is fine. They do business all over. They’ve done very little in Saudi Arabia, actually, though I’m sure they can do a lot, and anything they’ve done has been very good.”

On defense, Trump indicated that Saudi Arabia would buy F-35 stealth jets, a move that would mark a major policy shift as critics warned that the deal could lead to the highly advanced aircraft ending up in the wrong hands.

The two leaders also suggested deeper cooperation on regional security, including in Gaza, though precise terms have not been publicly disclosed.

Saudi Arabia was among several countries that played a key role in getting Hamas to agree to President Trump’s historic peace plan there last month.

Trump thanked bin Salman “for the role he played in the transformational peace deal that was achieved last month and so many of the other things that happened to end the war in Gaza.”

 “Gaza, while it looks a little bit messy — it has for many, many years, I will tell you, many decades — but it’s getting very close to being perfected, and people are shocked,” Trump said. “And even the great experts that have gone around criticizing badly every country and every president and everything, they’re all saying that what’s taking place in the Middle East is a miracle.”

President trump  further announced the US would designate Saudi Arabia as a “major non-NATO ally” at white house dinner in the crown prince’s honor Tuesday night.

 “We’re taking our military cooperation to even greater heights by formally designating Saudi Arabia as a major non-NATO ally, which is something that is very important to them,” Trump said, noting that the designation came shortly after he and bin Salman signed “a historic strategic defense agreement.”

The defense agreement will make it “easier for US defense firms to operate in Saudi Arabia, secur[e] new burden-sharing funds from the Saudi Arabia to defray US costs, and affirm[s] that the Kingdom views the United States as its primary strategic partner,” the White House said in a statement Tuesday evening.

Trump said he received a “positive response” about the prospects for Saudi Arabia normalizing ties with Israel. But the crown prince made clear that while he wanted to join the Abraham Accords, he was sticking to his condition that Israel must provide a path to Palestinian statehood, which it has refused to do.

During  formal  dinner at the White House later on Tuesday, Trump said he was “taking our military cooperation to even greater heights” by designating Saudi Arabia a major non-NATO Ally, a status that provides a U.S. partner with military and economic privileges but does not entail security commitments. U.S. strikes on Iranian nuclear facilities in June had made Saudi Arabia safer, Trump added.

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“The mayor of New York, I will say, would like to meet with us, and we’ll work something out. But he would like to come to Washington,” Trump told reporters on Nov. 16. “We want to see everything work out well for New York.” White House Press Secretary Karoline Leavitt confirmed to USA TODAY that Trump meant Mamdani .

Mamdani said on Nov. 17 he had reached out to the White House to follow through on his commitment to work with anyone on affordability in New York City, per comments provided by a spokesperson.

“We are seeing his actions and that of his administration in Washington leading to the exact opposite effect for New Yorkers,” he said. “I will go to make the case to the President and to anyone, frankly, that these are the kinds of things we need to change if we want to make it easier for New Yorkers and for Americans to afford the day to day necessities of their life.”

While  announcing his transition team the day after the election, Mamdani said the White House had not reached out to congratulate him, but he was interested in speaking with Trump.

“I continue to be interested in having a conversation with President Trump on the ways in which we can work together to serve New Yorkers,” Mamdani said on Nov. 5. “Whether that be delivering on his campaign promises around cost of living or the many issues that New Yorkers have been sharing with me about the drastic impacts that the legislation that President Trump has ushered through Washington will mean for them and their lives.”

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“I’m thrilled to announce that we have reached a breakthrough trade deal with the United Kingdom,” Trump said May 8 from the Oval Office, noting that the agreement happened to fall on “Victory Day” in celebration of the end of World War II in Europe. “There could be no more perfect morning to reach this historic agreement.”

Final details are still in the works, though U.S. stocks traded higher in the immediate hours of the news spreading of a broad deal between the two longstanding global allies. Surrounded by U.S. and UK officials who helped broker the agreement, Trump promised that their efforts would provide billions of dollars in access for U.S. agricultural products such as beef and ethanol.

“They’re opening up their country,” Trump said. “Their country is a little closed and we appreciate it.”

United Kingdom Prime Minister Keri Starmer was put on a speaker phone for the announcement and called it a “really fantastic, historic day” coinciding with the 80th anniversary of the key moment at the end of World War II.

“This is going to boost trade between and across our countries,” Starmer siad.

Trump had imposed reciprocal tariffs on a slew of countries April 2 but later paused most of them for 90 days, saying those nations’ leaders were eager to negotiate trade deals. Since then administration officials repeatedly have said they are close to making deals.

The UK wasn’t hit with a reciprocal tariff during Trump’s April roll out, but faced a 10% universal tariff and 25% tariffs that Trump imposed on foreign automobiles, steel and aluminum.

President Trump said he made a special exception for the United Kingdom by lowering auto tariffs from 25% to 10% to help high-end vehicles such as Rolls-Royce, Bentley and Jaguar vehicles that are manufactured in Britain.

“It’s a very special car, and it’s very limited number, too,” Trump said. “It’s not one of the monster car companies that makes millions of cars. They make a very small number of cars that are super luxury.”

“That’s really handmade stuff, they’ve been doing it for a long time in the same location,” he said. “So I said, ‘Let’s help the out with that one.’”

Trump said he will “rarely” make the same decision in negotiations with other countries when it comes to other foreign automobiles.

Trump says 10% tariff could still increase for other countries

Trump’s trade deal with the United Kingdom maintained a 10% universal tariff on the country.

Asked if trade deals with other countries also could result in tariffs staying at 10%, rather than the higher reciprocal tariffs the president threatened last month before pausing most of them, Trump said no.

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