Sometime in July, reports Binyamin Appelbaum:
The federal government will exhaust its ability to borrow money under current law during the second week in July, the Treasury Department said in a letter sent Monday to members of Congress.
The government will hit the debt limit ? the maximum amount that it can borrow ? ?no later than May 16,? the letter said; after that, ?extraordinary measures? can create roughly eight weeks of wiggle room.
If I was the bond market, I don?t think I?d be super-duper stoked that the debt limit is going to need to be raised while the GOP?s presidential primary is in full swing. This is going to be a tough vote no matter how you slice it, and having Sarah Palin and Michelle Bachmann crisscross the country warning against compromise probably won?t help matters.
Source: http://feeds.washingtonpost.com/click.phdo?i=912ece22ed42e93ba4d32cf8d8e44c86
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