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A US bipartisan organization released a report warning the US federal government of budget depletion risk if Congress does not raise the debt ceiling. According to the report, the total US national debt hit 16.268 trillion USD last week, 126 billion USD short of the debt ceiling. The Treasury Department predicts that government expenditures will reach the ceiling by the end of this year. If Congress does not raise the debt ceiling as soon as possible, the Federal Government will go into default. The report was released in the context of disagreement between the White House and Congress over a proposal to reduce US debt by 2.1 trillion USD in the next decade. Democrats and Republicans disagree on whether to increase or decrease income taxes among with cutting budget expenditures.