US is now only $215 BB below our $14.2 TT debt cieling and will lose our ability to borrow as soon as March 31st

Notes from the latest treasury meeting stating when the US will have to stop borrowing and would either begin to issue IOUs or default on either its debt or its obligations.  We are hitting against our $14.2 TT dollar borrowing limit. 

Isn't $14.2 TT already way too high?  Why should we raise the debt ceiling unless we have commitments to reduce spending?

Now if the folks in the House can send through some budget cut commitments and the Senate and the President can agree with them, then we should raise the debt ceiling.  If they cannot agree, then we should keep the debt ceiling and default.  I'd rather default now than later.  Via Treasury
As of January 31, 2011, Treasury was $215 BB below the debt limit of $14.294 TT. He noted that the Secretary had recently sent a letter to Congress indicating that the debt limit would be reached between March 31 and May 16. However, Rutherford underscored that the dates could shift modestly in the coming weeks and months, as there is a considerable amount of uncertainty surrounding the outlook for the economy, receipts and expenditures. This uncertainty is increased during the April tax season, which poses considerable forecasting challenges.

Nonetheless, DAS Rutherford highlighted that Treasury is confident that Congress will raise the debt limit in a timely fashion.

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