Probably by the end of the week President Obama will institute an increase of the federal debt ceiling by $1.2 trillion to over $16.2 trillion dollars. Although the increase is subject to Congressional disapproval, expect little more than political posturing from Capital Hill.
This increase should carry the US through 2012 before another increase will be needed to fund projected government expenses. Because of the Presidential and Congressional elections in November, expect the employee Social Security payroll tax cut (from 6.2% to 4.2%) for all of 2012 to pass, with some of its cost funded by the debt increase.
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