The United States could start missing payments on its obligations sometime between March and June if lawmakers fail to raise a legal limit on borrowing by early February, congressional analysts said on Wednesday.
The Obama administration was able to bump against the government’s debt ceiling for five months this year before it came to the brink of default.
President Barack Obama signed into law a bill last month that suspended a $16.7 trillion cap on the national debt until February 7, when it will reset to whatever level the debt has reached.
Absent a decision to raise it again, the Treasury Department would be able to manage its cash a little longer before it starts missing payments.
Welcome to the new normal. Create a crisis, pretend to do something then let it become a crisis again rather quickly.
It has been a little over a month since the Capitol Hill Back Slappers congratulated themselves for coming to a “sensible” resolution. And the people who support the establishment in either party all went along with the charade.
The press will now do its part to ratchet up the tension for the next airing of “Groundhog Day”.