When Will We Reach the Debt Limit (Again)?

Article excerpt

The federal government is burning through its newly increased borrowing authority at an alarming pace. Last July's reconciliation bill raised the debt limit by $5 trillion, from $36.1 trillion to $41.1 trillion, but in just months, the government has already consumed $2.9 trillion of that increase, more than half the additional authority. At this rate, the Bipartisan Policy Center estimates the U.S. will soon need another confrontation with Congress over raising the debt ceiling again.