Debt doomsday may come sooner than expected
By SEUNG MIN KIM | 2/24/12 3:17 PM EST
The federal government could hit the debt ceiling sooner than expected — and possibly around the November election — according to a report out Friday.
Lawmakers on Capitol Hill had hoped that last summer’s deal to end the nasty fight over lifting the debt ceiling would ensure the issue wouldn’t resurface until at least 2013.
But the Bipartisan Policy Center said Friday that the debt-limit doomsday could come earlier than that.
Analysts from the Bipartisan Policy Center projected that the United States will hit its $16.4 trillion debt ceiling between late November 2012 and early January 2013 due to lower-than-expected corporate tax revenues and the recent extension of the payroll tax holiday.
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