Debt Ceiling Showdown Will Come After Tax Day

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Source: ABC News

The showdown over the nation’s debt ceiling and lawmakers aligned with the Tea Party threatening to not approve an increase in the more than $14 trillion limit won’t come to a head until tax day at the earliest, according to a new estimate from the Treasury Department.

“The Treasury Department now estimates that the United States will reach the debt limit between April 15, 2011 and May 31, 2011. As announced at the February Quarterly Refunding, Treasury will update this projection at the beginning of each month,” according to Mary Miller, Assistant Secretary for Financial Markets at the U.S. Department of the Treasury.

On Capitol Hill, meanwhile, Senate Republicans are pushing a bill that would force the government to make interest payments on the debt its top priority in the event that the debt limit is not raised later this year.

The bill, the brainchild of Sen. David Vitter, R-LA, and freshman Sen. Pat Toomey, R-PA, is set to come up for a vote on Tuesday evening as an amendment to a patent reform bill, but it is extremely unlikely to pass in the Democrat-controlled chamber.

Read more: http://blogs.abcnews.com/thenote/2011/03/debt-ceiling-showdown-will-come-after-tax-day.html

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I wonder if Vitter's brainchild is wearing diapers.