Debt ceiling deadline is closer than previously expected - here's why

Fox News congressional correspondent Chad Pergram has the latest from Capitol Hill on 'Cavuto: Coast to Coast.'

The findings from the Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania's Wharton School, came one week aftershifted the projected deadline to June after previously stating it would fall somewhere between July and September. U.S. outgoing Federal Reserve Chair Janet Yellen holds a news conference after a two-day Federal Open Market Committee meeting in Washington on Dec. 13, 2017.said the accelerated timeline stems from weaker-than-expected tax collection in April.

One likely explanation for the so-called tax receipts gap is that corporate profit margins have fallen faster than expected.

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