Debt Limit Likely To Be Reached By End Of March

With the National Debt crossing the $14 trillion mark on New Year’s Eve, the Treasury Department is now telling Congress that the U.S. is likely to hit the limit of its borrowing authority by the end of March:

Treasury Secretary Timothy Geithner warned Republican lawmakers on Thursday that the government will reach the legal limit on federal borrowing as early as March 31, and that if Congress does not raise the debt ceiling would have “catastrophic economic consequences that would last for decades.”

Expect the debt ceiling to become Issue No. 1 over the next 6-8 weeks.

FILED UNDER: Quick Takes, US Politics
Doug Mataconis
About Doug Mataconis
Doug holds a B.A. in Political Science from Rutgers University and J.D. from George Mason University School of Law. He joined the staff of OTB in May 2010 and contributed a staggering 16,483 posts before his retirement in January 2020.

Comments

  1. Axel Edgren says:

    So excited. Will we get right-wing sulking or will we see the exceedingly decadent and idiotic US destroy itself in a conflagration of democratic excess? Either way: fun.

  2. john personna says:

    Axel, impeachment is the only answer!

  3. Jay Tea says:

    The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.

    J.