Friday, July 1, 2011

Debt Limit Deadline Date Moved up to July 22

That’s the new date by which there must be an agreement in order to give Congress time for legislative action before its final Aug. 2 deadlinesays the White House, according to Wapo's Felicia Sonmez.

Aug. 2 is the deadline date Treasury Secretary Geithner has said Congress must vote to raise the federal borrowing limit or else the country will default. But administration officials are now saying that in order to give lawmakers time to approve the legislation – as well as to allow the nonpartisan Congressional Budget Office to score it – the deal will actually need to be worked out 11 days before then.

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