Debt Ceiling to Be Hit by February – March of 2013

“The independent Congressional Budget Office issued its new estimate of when the federal government will reach its debt ceiling — late February or early March. In its “Federal Debt and the Statutory Limit, November 2012,” the agency reported that the Treasury Department could use “extraordinary measures” to extend the date for when the current limit of $16.394 trillion is hit. Congress and the administration may use the revision to claim that a compromise on budget matters and tax cuts can be extended beyond the end of the year. That will not allay the anxiety that both businesses and individuals have about year’s end and the automatic budget and tax changes to be triggered according to current law.”

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