According to CoinMeta, TD Securities believes that the U.S. Treasury Department may hit the debt ceiling around September 2027 and run out of cash, with related negotiations likely to drag on until the last moment. Strategists Molly Brooks and Gennadiy Goldberg from the firm stated in a report that, compared to a divided Congress, there is a slightly higher likelihood of a Democratic-controlled Congress passing the relevant legislation. Data from the U.S. Treasury Department shows that the current debt ceiling is $41.1 trillion, and as of October 19, the total public debt subject to this ceiling was $40.199 trillion. This means that before the debt ceiling becomes a strict constraint, the government still has about $904.7 billion in borrowing space. Once the ceiling is reached, the Treasury Department can initiate a series of "unconventional measures" to maintain its borrowing capacity within the limit, while also depleting its cash reserves and significantly reducing the issuance of short-term Treasury bonds. Therefore, TD Securities expects that the so-called "final default date" will be postponed to later in 2027.