By Derek Thompson

The Atlantic

Feb. 21, 2012

The payroll tax cut package signed last week isn't fully paid for. We're now scheduled to hit the debt ceiling in January rather than early spring, according to the Bipartisan Policy Center. Treasury Secretary Timothy Geithner has said we won't hit the ceiling until "significantly after the end of the fiscal year," but oil shocks and a growth slowdown could reduce tax revenues and move the debt-ceiling deadline into 2012, The Hill reported.

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Economic Policy Project