The U.S. probably has enough borrowing capacity until at least September even as slower revenue and rising spending widen the budget deficit, according to analysts.

The U.S. budget gap increased to $88.4 billion in May from $53 billion a year earlier, according to Treasury Department figures released Monday. Revenue rose 7% while spending climbed 19%, the data showed.

"We estimate the Treasury will hit the debt ceiling sometime in early September," Wells Fargo economists Michael A. Brown and Michael Pugliese said in an emailed note on Monday. "We expect that Congress will act on the debt ceiling before the August recess to alleviate the need to rapidly address the issue upon their return."

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