February 22, 2012 at 4:25 pm #153982
Dorothy Ramienski AmatucciParticipant
The U.S. debt ceiling, now hovering around $16.4 trillion, will probably be reached by the end of this year.
Treasury Secretary Tim Geithner recently warned that another bitter battle could happen on Capitol Hill if the economic recovery stalls, GovExec reports.
A lot also has to do with the outcome of this year's presidential election.
The article continues:
"The fiscal year ends on Sept. 30. Whether the debt limit is reached before the presidential election (a third of Senate seats and all House seats will also be at stake and control of one or both could change, setting up a particularly nasty fight along party lines) depends on how well the economy performs. But even if the recovery slows down, or simply doesn't speed up, and the limit is reached before the election, the Treasury Department can—and likely will—use "extraordinary measures" to push back the drop-dead deadline for raising it."
A lot depends on the strength of the economy. The stronger it is, the less likely it is that the limit will be reached.
What do you think? Will this be an issue before -- or after -- the election?
February 22, 2012 at 4:55 pm #153986
If it inches closer to the limit as the elections and campaigning begins it will probably be another issue for them to deal with. It became a political mess the last time, so we can only expect for history to repeat itself in this instance.
February 23, 2012 at 4:34 pm #153984
If I wasn't tired of this election season already this will definitely do it. I'm personally sick of watching everyone blame each other. Chris Rock said one of my favorite political quotes of all time. Here's the edited version (the unedited is much more passionate sounding): "Liberal, Conservative, Liberal, Conservative... Shut up and and be a human being!" I like politics because conflict intrigues me, but I've had enough of the circus. Basically yes, it will be an issue, and it will help nobody in the Presidential or Congressional races because many people have wised up and realized that this isn't a Liberal or Conservative issue, it's an American issue and people are tired of watching politicians cling to their convictions at their expense. Or at least that's what I'd like to think.
Here's probably the only time I've respected the Liberal/Conservative divide in the past year (it's Boehner crying at Giffords resignation) http://www.huffingtonpost.com/2012/01/25/john-boehner-cries-gabby-giffords-_n_1231337.html
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