The federal government could hit the debt ceiling sooner than expected — and possibly around the November election — according to a report out Friday.
Lawmakers on Capitol Hill had hoped that last summer’s deal to end the nasty fight over lifting the debt ceiling would ensure the issue wouldn’t resurface until at least 2013.
But the Bipartisan Policy Center said Friday that the debt-limit doomsday could come earlier than that.
Analysts from the Bipartisan Policy Center projected that the United States will hit its $16.4 trillion debt ceiling between late November 2012 and early January 2013 due to lower-than-expected corporate tax revenues and the recent extension of the payroll tax holiday
A number of other factors, such as the ongoing financial crises in Europe, volatile gas prices and how quickly the U.S. economy continues to grow could push the debt-ceiling deadline forward or backwards, according to the center.
“When the Budget Control Act of 2011 increased the debt ceiling last August, Congress, the administration, and outside analysts believed that this increase would allow federal borrowing under the limit well into 2013,” the center’s analysts wrote. “Due to unexpected circumstances … that belief appears increasingly likely to have been misguided.”
The current debt level is $15.4 trillion, according to the Treasury Department.
The center’s report echoes a warning from Treasury Secretary Timothy Geithner last week, when he testified before the Senate Budget Committee that the country would reach the debt limit “significantly” after the fiscal year ends on Sept. 30, but “before the end of the calendar year.”
From DebtDoomsday:
We’re Almost There and Not In A Good Way.
Wednesday 27 July 2011
Well, everybody, it looks like our nation’s economy is going to hell in a handbasket personally delivered by our favorite politicians huh? Oh, I think I see a personalized “from” card with the basket too!
I started this site so that it would be the equivalent of being on the Titanic. It’s like there’s not a damn thing we can do, but I figured, what the hey, let’s sit around and chat while we watch the water rise up all around us! The band you hear in the background is playing “Welcome To my Nightmare”. If you’re not old, look it up!
This whole debt limit fiasco has taken my breath away. Any political leanings (never really had any) I’ve felt, is gone. When I hear the word “politics”, I shudder like I’m looking at an unflushed toilet.
Believe me when I say I’m the most non-political person you’ll ever meet. I don’t listen to talk radio. I don’t debate with others. I’m the silent majority going about his business until….
Our politicians started screwing with the money in a bad way. It’s always been bad, but this time it’s kick-the-dog REALLY BAD.
It’s not a good idea to talk about not cutting social security checks, amongst many other things, ya know? Seniors get a little pissy if you trim their snack funds.
What do you think?
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