Outside the Beltway

According to a new report, we have just a little more than a month before the consequences of not raising the debt ceiling begin to hit:

The next debt ceiling battle could come as soon as mid-February, when the federal government looks to hit its borrowing limit, a new report says.

“Based on financial data from Treasury, we estimate that the government will be unable to pay all of its bills as early as February 15, also known as the X Date” said Steve Bell, senior director of the Economic Policy Project at the Bipartisan Policy Center, in a statement.

The Bipartisan Policy Center announced the findings of the organization’s study on Monday. According to a release from the Center, their analysis indicates that “the federal government will be unable to meet all of its spending obligations as early as mid-February unless the debt ceiling is raised.”

Meanwhile, the House is out this week and the Senate is in recess until after Inauguration Day.

Congress, US Politics

Bipartisan Policy Center, debt ceiling, Inauguration

4 responses to “Debt Ceiling Drop Dead Date Barely A Month Away”

Tsar Nicholas

January 8, 2013 at 11:22 am

Debts are a four letter word, spending more than you take in doesn’t work out over the long haul, and relying on the government to solve fiscal and economic problems is like relying on meditation to cure a hemorrhage.

In any case, obviously it’s time to get ready for yet another game of kick the can a bit further down the road.

Perhaps the greatest irony is that Gen. Y and its kids ultimately are going to have to pay for this mess. And inflation and higher interest rates are inevitable and merely are just around the corner. Maybe they’ll get to retire at a median age of around 80. But that’s probably far too optimistic. Most probably will have to work until death or literal physical incapacity. A few will inherit boatloads of money. Some will be able to retire at least a few years before rigor mortis sets in. Most of the remainder will be partial or full wards of the state. Most will live their entire adult lives with lower standards of living than their parents.
john personna

January 8, 2013 at 11:51 am

@Tsar Nicholas:

You might be interested in item 1 on Admit economic ignorance.

It is “What creates retail inflation?”

The fact is, economists don’t really have such a handle on it … let alone politicals.
Cassandra

January 8, 2013 at 4:31 pm

Observe a government implode. It’s OBSCENE that the House is out his week and the senate is in recess until after January 21. Power-hungry, unconcionable career politicians are killing our economy. Monkeys could form a more productive collective.
rudderpedals

January 8, 2013 at 6:02 pm

@Cassandra: It’s twisted in a way, we want them to stay in DC and work but we also seem to think they have to go back to their district every few days to stay connected.