Question Details

When will the US increase the debt limit - again?

When will the US increase the debt limit - again?

Asked by: Super Userkruijs in Politics » United States
Settled on 06/01/2011 01:16 Settled by Super Usergotmick
Winning option:ter May 2011 Congress still at odds: http://arkansasnews.com/2011/05/31/congress-still-at-odds-over-raising-debt-ceiling/

Predictions
During January 2011
1.0% →
During February 2011
2.1% →
During March 2011
1.2% →
During April 2011
0.4% →
During May 2011
1.2% →
After May 2011
(or never)
94.1% →

Background

The country's public debt is currently nearly 70 percent of GDP, according to the Congressional Budget Office. It could grow to be 120 percent by 2015. That puts the U.S. in the company of Greece.

“Never in our history has Congress failed to increase the debt limit when necessary,” Treasury Secretary Timothy Geithner wrote in a letter, which was sent to all members of Congress. “Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and American businesses and could lead to the loss of millions of American jobs.”

Geithner estimates that the current $14.3 trillion statutory cap on the debt will be reached between March 31 and May 16. The debt is the accumulation of annual deficits.

A spending-obsessed new Republican majority received the dire warning in a letter to the Congress outlining the doomsday scenario that would ensue if lawmakers fail to raise the debt limit and the nation defaults on its credit obligations.

http://blog.seattlepi.com/seattlepolitics/archives/234722.asp
http://www.politico.com/news/stories/0111/47193.html

Find similar: debt, deficit, Timothy Geithner, gop

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   Super Userzvassil

Top Democrat hopeful debt deal reached within 30 days
http://www.reuters.com/article/2011/05/31/us-usa-debt-congress-idUSTRE74U57C20110531


WASHINGTON | Tue May 31, 2011 1:57pm EDT
(Reuters) - A top Democrat said on Tuesday that he was hopeful Congress would reach within 30 days a deal to increase the country's borrowing authority....
...Later on Tuesday, Republican leaders in the House are due to hold a vote to raise the debt limit by $2.4 trillion. The vote, to be held after markets close, is expected to fail because it won't be accompanied by spending cuts....

So, a deal expected in 30 days - by the end of June 2011, hopefully.

   Super Userzvassil

Congress plans symbolic vote on U.S. debt ceiling
Proposal to raise government’s ability to borrow expected to fail
http://www.marketwatch.com/story/congress-plans-symbolic-vote-on-us-debt-ceiling-2011-05-31?link=MW_latest_news

House Republicans, who control the lower chamber, have scheduled a symbolic vote one day before they hold budget talks with President Barack Obama....

   Super Userzvassil

I think this market is ripe for early settlement. With 93% certainty, no scheduled talks on tuesday, and not a hint of agreement on a text...

Kruijs, please do a repeat for june to august - sure it will attract at least 150k

   hfl13

Lets watch how destructive US Polics can be ...

   cici

Oh they know it, they have already appropriated more than the limit. That's why it has to be increased.

   kenneth1

kruijs, Somehow you know this, I know this, and virtually most intelligent Americans know this, but somehow our leaders do not know this..

   Super Userkruijs

UPDATE: Bernanke: Not Raising Debt Limit Would Cause 'Real Chaos'
http://online.wsj.com/article/BT-CO-20110301-712207.html

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