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January 08, 2013

Debt Limit Likely to Be Reached Between Feb 15th and March 1st

Posted in: Broken Government

The next big budget fight is going to be the debt limit, so it is critical to know when true deadline will be reach. An analysis by the Bipartisan Policy Center projects that the Treasury will no long have funds to pay its bills starting some time between February 15th and March 1st. From the Bipartisan Policy Center:

At this point it is impossible to know what the exact deadline will be. How much money the government takes in over the next several weeks will determine exactly when the limit is hit and since it is tax season that is hard to estimate with precision. The federal government is already taking extraordinary measures to put off the moment for as long as possible.

What is important is that it appears the debt limit will be the first of several budget related deadlines the federal government will be forced to face in the coming months. After the debt limit, which is likely to be reached in late February, Congress will need to deal with the sequestration cuts that would start March 1st. Less than a month later, Congress will need to find a way to keep the government funded because the last six-month continuing resolution ends on March 27th.

It is possible that these will all be looped into one big fight or they could end up a serious of brutal negotiations dragged out over the next two months.


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