- TIL if the debt limit is reached and not raised (the “X-Date”) Congress must sharply cut spending or force the government to default on certain obligations, and the Treasury is free to liquidate obligations in any order it finds will best serve the interests of the U.S. https://epicforamerica.org/federal-budget/preparing-for-the-debt-limit-projecting-the-2025-x-date/#Prioritization_of_Debt_Payments 4 comments law