Debt Limit Analysis
Nov. 27, 2012
As the federal government continues to spend substantially more than it collects in revenue—running deficits of over $1 trillion per year—federal debt is rapidly approaching the statutory limit once again.
On that matter, the Bipartisan Policy Center projects that:
- The U.S. Treasury will reach its current statutory debt limit in the last week of December;
- Absent congressional action prior to such time, Treasury will have available Extraordinary Measures amounting to approximately $197 billion in order to continue meeting federal financial obligations; and,
- The “X Date” – the date after which Extraordinary Measures are exhausted and Treasury has insufficient cash on hand to make all payments when owed – would occur in February 2013, absent an increase in the debt limit.
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View the presentation slides
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In the News
- Editorial: The Next Debt-Limit Debacle
The New York Times - Take debt-ceiling authority away from Congress
The Washington Post - VIDEO: Argument for ending the debt ceiling
MSNBC - Obama’s debt-ceiling proposal would ease concerns on Wall Street
The Hill - The best idea in American politics: Kill the debt ceiling
The Washington Post - Report: Less debt-limit wiggle room in 2013
The Hill - The dangerous fiscal deadline isn’t Dec. 31 – it’s February 2013
The Washington Post - Report: 2011 debt ceiling fight cost taxpayers $18.9 billion
POLITICO - Time running out on debt ceiling
CNNMoney - Debt ceiling redux: Lawmakers push to link fiscal cliff deal to the national debt
The Washington Post - Here we go again: Government weeks away from hitting debt ceiling
McClatchy Newspapers - Debt Ceiling Debate Cost Taxpayers $18.9 Billion, Study Finds
The Huffington Post
Read more media highlights here.
Additional Resources
- Fiscal Cliff Timeline
- BPC's Framework for a Grand Bargain and Potential Down-Payment Package
- Domenici-Rivlin 2.0, the Fiscal Cliff & a Framework to Bridge Them
- BPC Sequester Report: Indefensible: The Sequester’s Mechanics and Adverse Effects on National and Economic Security
- Breaking Down the Sequester in One Chart
Attached files
- Download the full report (202.93KB PDF)
- Download the presentation slides (951.04KB PDF)
