Report: Debt Ceiling ‘X Date’ Feb. 15 (government unable to pay its bills by mid-February)

Politico.com ^ | 1/8/13 6:28 EST | By KATIE GLUECK

[drewh]

The next debt ceiling battle could come as soon as mid-February, when the federal government looks to hit its borrowing limit, a new report says.

“Based on financial data from Treasury, we estimate that the government will be unable to pay all of its bills as early as February 15, also known as the X Date” said Steve Bell, senior director of the Economic Policy Project at the Bipartisan Policy Center, in a statement.

The Bipartisan Policy Center announced the findings of the organization’s study on Monday. According to a release from the Center, their analysis indicates that “the federal government will be unable to meet all of its spending obligations as early as mid-February unless the debt ceiling is raised.”

(PHOTOS: Who won, who lost fiscal cliff deal)

“Our numbers show that we have less time to solve this problem than many realize,” Bell continued. “We estimate that Treasury will exhaust its borrowing authority and no longer have sufficient funds to meet its obligations in full and on time at some point between February 15 and March 1. It will be difficult for Treasury to get beyond the March 1 date in our judgment.”

[Perdogg]

The new “Die Hard” comes out on Feb 15th.

[goldstategop]

Its going to be raised. We cannot not pay our bills.

And the GOP will be blamed if it holds up raising the debt limit for partisan advantage.

[silverleaf]

I have tread obama has indicated he will ask for another Trillion.... and no spending cuts

He will probabnly blather grandly to his adoring legions about how he plans to “invest” yet another trillion (of debt) to create more infrastructure and jobs

Pelosi has indicated the Uriah Heep democrats expect to “claw more deeply into the stack” (of taxpayers) and “ask” (demand) another Trillion from the “most fortunate” among us

[American in Israel]

So we ignore budgets, and spend with no planning and the obvious result is a empty bank account.

So we step back from the fiscal responsibility of a budget to nothing more than a massive check book and call it a debt limit.

Still we spend like there is no limit, then cry when we run out of cash.

Totally incompetent management cannot be fixed by throwing more money into the hands of incompetence. Raising taxes is a moot point now because they are spending more than taxes can generate, the fact that the economy is faltering is proof of that.

Will piling on more taxes get the economy running again?

The only way to fix this is fire every single manager that overspent his budget. In this case, flush congress, because the bowl is full.

Close the loophole that the government can borrow to spend. Suddenly a seat in Congress or the House will not be worth hundreds of millions of dollars in kickbacks.

[drewh]

No worries, O will just issue a new trillion dollar coin!

[moovova]

It’s nice to know the exact date the Republicans will capitulate.

Now, if someone could just tell me how “Bobs A Lady” will do in the fifth at Belmont...

[Mack the knife]

I would bet that this “date” does not account for the shifting of capital gains taxes into 2012 - and thus increased tax payments will be made by January 15.

Also, recall the number of corporations that accelerated their dividend payments in December - again, the quarterly tax deposits will have to be made this month.