(Washington Examiner) The federal government is set to reinstate its borrowing limit, and a new analysis indicates that it will be a record-high $22 trillion — and then, it won’t provide enough money to fund the government past summer. The shocking number, however, is only slightly higher than the current actual debt of some $21 trillion.
The ceiling has been in suspension and the debt has grown under President Trump. It is set to be reinstated on March 2, 2019. Republicans expand their majority in the Senate, but Democrats recapture the House. A new Bipartisan Policy Center estimate suggests that the new limit will be $22 trillion, assuming no action is taken by lawmakers before that time.
The BPC analysis said: “Treasury will be able to fully fund the government until at least mid-summer 2019 by using extraordinary measures, cash-on-hand, and incoming cash flow. But costs to taxpayers will start earlier from factors associated with reaching the debt limit such as higher interest rates on U.S. Treasury securities.”
The analysis warned of troubles with the growing debt. Read More
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