Tax filing season has come to a close, and the Bipartisan Policy Center (BPC) has updated its debt limit analysis and its projections of how long the Treasury could continue to pay all of the nation’s bills in full and on time without action by policymakers.
Revenues for the last few months have come in stronger than projected by the Congressional Budget Office (CBO) to the tune of about $40 billion, according to CBO’s Monthly Budget Review. Most of that unanticipated revenue has been in the form of non-withheld taxes (paid with tax returns or on quarterly estimated tax forms), which are up 16 percent to date—a substantial bump—over the previous fiscal year.
Extraordinary Measures 101
Updated March 13, 2015: Extraordinary Measures, Simplified
March 3, 2015: Debt Limit Update: X Date Most Likely in 4Q of 2015
January 9: Extraordinary Measures, Simplified
December 19, 2013: Late Start to Tax Filing Season Affects X Date
November 21: Thoughts on CBO’s New Debt Limit Report
November 21: Debt Limit Suspension: Frequently Asked Questions
September 25: Debt Limit Update: No Change to BPC X Date Projection
September 10: BPC’s Debt Limit Projection: Key Takeaways
January 30: When Will the Next Debt Limit X Date Be?
- What Is a Government Default on its Debt?
- Platinum Coins and IOUs: Missing the Point
- Debt Limit Analysis Update
- BPC’s Debt Limit Projection: Key Takeaways
- Will the Delay in the Tax Filing Season Affect the X Date?