{"id":413431,"date":"2011-05-01T22:38:11","date_gmt":"2011-05-01T22:38:11","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/01\/debt-ceiling-fight-is-here\/"},"modified":"2011-05-01T22:38:11","modified_gmt":"2011-05-01T22:38:11","slug":"debt-ceiling-fight-is-here","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/01\/debt-ceiling-fight-is-here\/","title":{"rendered":"Debt ceiling fight is here"},"content":{"rendered":"
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\"DebtTreasury Secretary Tim Geithner is in for a busy couple of months.<\/strong><\/span> By Charles Riley, staff reporter<\/span>May 1, 2011: 6:25 PM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — When lawmakers return to Washington on Monday, the debate over raising the nation’s debt ceiling will kick into hyperdrive.<\/p>\n

That’s because Congress is now staring down a series of deadlines to raise the country’s legal borrowing limit. First up: May 16, Treasury’s latest estimate<\/a> as to when U.S. debt will hit the country’s $14.294 trillion ceiling.<\/p>\n

That’s only two weeks away. If Congress doesn’t act, the Treasury would employ a range of extraordinary measures<\/a> to prevent the United States from defaulting on its obligations.<\/p>\n

That reprieve will last until July 8.<\/p>\n

“The overwhelming sense on the Hill is that July is the real deadline,” said Sean West, U.S. political risk analyst at Eurasia Group.<\/p>\n

So basically, get ready for one giant game of chicken. (Debt ceiling: What you need to know<\/a>)<\/p>\n

One thing is certain: Congress will eventually come together on a vote to raise the country’s legal borrowing limit. The markets will demand as much.<\/p>\n

How that deal is reached, and what it looks like, is anybody’s guess.<\/p>\n

In exchange for lifting the borrowing limit, Republicans are hoping to extract a promise of spending cuts, or put a cap on future spending in place. Democrats will push back hard.<\/p>\n

“This is a multi-faceted negotiation,” West said. “It’s very difficult to forecast the exact outcome.”<\/p>\n

The current political landscape has lawmakers scattershot across a variety of positions. The Tea Party, and the freshmen they sent to Washington, are opposed to raising the limit.<\/p>\n

Meanwhile, some Democrats have broken with the party line, and are now openly advocating for debt reduction measures to be attached to any measure that bumps up the ceiling.<\/p>\n

Other variables: What will the new limit be set at? Will any modifications to Medicare, Medicaid or Social Security be on the table?<\/p>\n

Washington in recent months has been buzzing with proposals to cut trillions<\/a> of dollars from the federal budget, and broad reforms to tackle entitlement spending.<\/p>\n

West says it is very unlikely anything like that will be attached to a debt ceiling vote. After all, lawmakers just brought the government to the brink of shutdown over $10 billion or so in spending cuts<\/a>.<\/p>\n

“Somehow they are going to agree on $4 trillion in reductions?” West asked. “These ideas are incompatible.”<\/p>\n

On Thursday, Vice President Joe Biden will convene a bipartisan working group to start fiscal negotiations with members of Congress.<\/p>\n

Rest assured, Wall Street will be paying more attention with each passing day.<\/p>\n

“The market right now is not focused on this,” West said. “But once you awake the market monster on the debt limit, it’s going to be very hard to get a good political bargain.”\u00a0\"To<\/a><\/p>\n

First Published: May 1, 2011: 6:10 PM ET<\/p>\n<\/div>\n

<\/p>\n

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