WASHINGTON, Feb. 24 (UPI) -- The U.S. government could hit the $16.4 trillion debt ceiling weeks after Election Day, much sooner than previously predicted, a report said.
The Bipartisan Policy Center, which had estimated a few weeks ago the country wouldn't reach the borrowing limit until spring 2013, said in an analysis to be released Friday it could be reached as early as late November, The Hill reported.
As a result, lawmakers may have to raise the nation's borrowing limit before the election, which they had sought to avoid doing in the debt-limit deal passed in August.
Among reasons for the newly revised time frame, the report pointed to lower-than-expected tax receipts, as corporations are paying significantly less in taxes than the Congressional Budget Office had estimated in August, when the debt-limit increase was approved.
The Hill noted the the sluggish economy and the recent payroll package.
Last year, the debate over the deficit nearly led to default and brought a downgrade of U.S. securities for the first time before an 11th-hour deal to raise the borrowing limit by $2.1 trillion. That was expected to prevent the nation hitting the debt ceiling before the end of this year.