The U.S. government will risk defaulting on some of its $36.6 trillion in debt sometime between mid-July and early October unless Congress acts to raise the cap on Washington's borrowing limit, the Bipartisan Policy Center think tank projected on Monday.

Without congressional action to lift the borrowing ceiling, the U.S. government risks defaulting on some of its debt sometime between mid-July and early August, the Bipartisan Policy Center projected in a report released on Monday.

The federal government could default on its debt as soon as July, a new forecast from the Bipartisan Policy Center warns, raising pressure on Congress for action.