could the debt ceiling still be reached before Nov 2012?

[Elwar]

The first phase is to raise it $900 billion.

They borrowed $268 billion yesterday with $72 billion more to be borrowed this week.

The question is, will the debt ceiling be reached by the end of the month.

 

[cindy25]

they just borrowed $239 billion in one day, with another $72 billion next week; at this pace $2.4 trillion would last 8 months.

http://www.washingtontimes.com/news/2011/aug/3/us-eats-most-debt-limit-one-day/

 

[Exponent]

they just borrowed $239 billion in one day, with another $72 billion next week; at this pace $2.4 trillion would last 8 months.

But as Elwar noted, the full $2.4 trillion increase won't come into effect until November. Until then, it's only $900 billion. What happens if we hit that before the second-phase increase to $2.4 trillion goes into effect? Oops.

 

[cindy25]

almost impossible for $900 billion to last past Thanksgiving. $350 billion just in August.

 

[sailingaway]

zerohedge had an interesting comment last night asking why a note on the treasuries info projected only something like a $400 billion debt ceiling raise and about 4 months until the next debt ceiling war. He was hoping it was a typo. If it is being raised in stages, that might explain it.