Goldman Sachs predicts that lawmakers will not hit the deadline for raising the debt limit until late July, which is shortly before their August recess. The deadline is based heavily on tax receipts, which are volatile, and now that economists have been watching how collections around the April 18 filing deadline, they have increased confidence that lawmakers will not have to act until later in the summer. Although the Department of the Treasury is expected to update its projection of the "X date" as early as this week, Goldman Sachs maintains that the late July deadline is more likely. Non-withheld receipts, including taxes that are not subject to withholding, such as capital gains levies, are down by 29% so far this month. Treasury has been relying on cash it has on hand and accounting tricks to avoid breaking the debt limit. House Republicans have approved a slew of budget cuts tied to raising the legal cap on government borrowing, however, a plan that will be a nonstarter with Democrats in the Senate and White House.