Twelve weeks
from today, the US government will hit its borrowing limit. When Congress
lifted the debt ceiling last month, for the first time ever, it pegged the
increase to a specific date, rather than a dollar amount. The current borrowing
authority expires in just 84 days, on February 7th. Three major policy
challenges are converging in January. Government spending authority expires in
the middle of the month, just three weeks ahead of the debt ceiling. There is
also likely to be ongoing agonizing about the implementation of ObamaCare.
January 1st is
the deadline for individuals to have insurance. If the website isn't fixed or
if young and healthy Americans haven't yet signed up for coverage, insurers
will begin panicking and ObamaCare itself could start to unravel. Millions of
healthy individuals are needed in the exchanges to subsidize the costs of
treating sick and elderly patients. There could be additional measures in
Congress to change or delay the law.
Budget,
ObamaCare and Debt. It's the ultimate three-ring DC circus. With his approval
ratings exploring new lows, Obama has little political capital for leverage. He
won't be able to run the tables on all three issues. He will have to give
somewhere. It may be the
biggest decision of his Presidency. ….This appeared here….
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