Jan. 7, 2013

The United States hit its debt limit on December 31, 2012. The Treasury Secretary then began tapping into roughly $200 billion of emergency borrowing authority – referred to as “extraordinary measures” – to allow for an additional period of fully-funded government operations.

In 2011, extraordinary measures extended the federal government’s ability to pay its obligations from May 15 until August 2. They won’t buy as much time as they did last summer.

Latest Updates

May 9

• Updated X Date Estimate: GSE Dividend Announcements
  

May 8

• H.R. 807 (the Full Faith and Credit Act) and the Debt Limit

April 26

• The Debt Limit: Updated X Date Projection
  

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DOWNLOAD THE UPDATED PRESENTATION SLIDES

View the updated slides in your web browser below:

Older Updates

January 31

• H.R. 325, The Debt Limit, and Extraordinary Measures: A Technical Note
  

January 30

• When Will the Next Debt Limit X Date Be?

January 24

• The House Republican Debt Limit Proposal, Explained
• Fiscal Timeline Under Passage of H.R. 325

January 16

The following sections of BPC’s Debt Limit Analysis (below) were substantially updated today: X Date chart (slide 16); Prioritization (slides 29-32); and Market Risk (slides 46-53).

• Debt Limit Analysis Update
• What Is a Government Default on its Debt?
• Platinum Coins and IOUs: Missing the Point

January 11

• Will the Delay in the Tax Filing Season Affect the X Date?
• BPC’s Debt Limit Projection: Key Takeaways

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Read the methodology

Read the press release

In the News

• Hard Choices on Debt if the U.S. Hits the Ceiling
  The New York Times
• The Emergency Debt Plan That Would Put U.S. Citizens Second
  National Journal
• VIDEO: Debt ceiling alarm bell
  CNN
• U.S. may default on its debt half a month earlier than expected, new analysis shows
  The Washington Post
• VIDEO: Can Congress Solve the Debt Ceiling Before Deadline?
  Fox Business
• Debt Ceiling: 'Chaotic' choices on 100 million payments
  CNNMoney
• VIDEO: Debt ceiling doomsday nears
  MSNBC
• Terrifying Presentation Shows What Would Really Happen If We Hit The Debt Ceiling
  Business Insider
• This is what would happen if we breach the debt ceiling
  The Washington Post
• Debt Ceiling Doubt and Its Costs
  The New York Times
• Report: Less debt-limit wiggle room in 2013
  The Hill
• Editorial: The Next Debt-Limit Debacle
  The New York Times
• Report: 2011 debt ceiling fight cost taxpayers $18.9 billion
  POLITICO

Read more media highlights here.

Additional Resources

• Statement by Bipartisan Policy Center’s Steve Bell on the Debt Ceiling
  January 14, 2013
• Fiscal Cliff Agreement to Have Little Impact on Debt Limit Estimates
  January 3, 2013
• GAO report: Analysis of 2011-2012 Actions Taken and Effect of Delayed Increase on Borrowing Costs
  July 23, 2012

Attached files

• Download the presentation slides (updated January 16, 2013) (1.79MB PDF)
• Download the methodology (published January 7, 2013) (149.29KB PDF)
• Download the original report (published November 27, 2012) (202.93KB PDF)
• Download the original slides (published November 27, 2012) (951.04KB PDF)

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Staff Paper, Economic Policy Project