Lawmakers will not have to re-fight their epic battle over raising the debt ceiling until after the November elections, according to the Treasury Department.
April tax receipts have not moved Treasury’s debt-ceiling target date, and Secretary Timothy Geithner still expects lawmakers will have until the tail end of 2012 to raise the $16.394 trillion ceiling.
“Treasury anticipates that the debt limit will not be reached again until late this year,” a Treasury spokesman told The Hill on Wednesday.
Lower-than-expected tax receipts could have moved up the date on the debt ceiling, forcing a vote both parties would like to avoid before the election.
The government has borrowed $15.673 trillion, and the limit is still too far off for Treasury to more accurately predict when it will be reached, an official said Wednesday.