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Huelskamp's Debt Limit Projection Spot-On


Location: Washington, DC

On June 20, 2012, Congressman Tim Huelskamp, a member of the House Budget Committee, released his own projection of when the U.S. would exhaust its borrowing authority. In that projection, Congressman Huelskamp predicted that the debt limit would be reached on December 31, 2012. On Wednesday, December 26, 2012, U.S. Treasury Secretary Timothy Geithner informed Congress that the nation will indeed hit its borrowing limit on December 31, 2012, and after that Treasury will again use various measures to postpone the impact for a number of months. Congressman Huelskamp released the following statement about his projection and Geithner's announcement:

"Today's warning is proof that it is time for a real solution, not another D.C. deal. Years of deal after deal have left taxpayers with only more spending and more borrowing -- and not any real fiscal responsibility. Clearly, Washington has a Big-Government spending problem, and politicians on both sides of the aisle have contributed to the resulting mountains of debt. With the eyes of many focused on the "fiscal cliff," even worse would be the fiscal abyss of raising the debt limit without fundamental spending reductions and entitlement reforms. As we saw with the Budget Control Act of 2011, such an outcome would likely cause a further downgrade of our credit rating and another trillion-dollar-plus bill to our children and grandchildren."

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