Deficits over a decade will be 20 percent higher than forecast just nine months ago, and action is needed by summer to raise the debt limit, the Congressional Budget Office said in two new reports. CQ Roll Call’s David Lerman and Peter Cohn assess the latest budget forecasts and what they may mean for the spending and debt limit battles to come.

Show Notes:

• CBO: Debt limit to hit as soon as July, budget picture worsens
• Biden attracts GOP jeers over debt limit, while pushing unity
• Biden, McCarthy make ‘no promises’ on debt, will keep talking
• Treasury launches ‘extraordinary measures’ to delay debt limit