From Wapo
''As Treasury Secretary Timothy Geithner said Tuesday, “we’re likely to hit the debt limit sometime before the end of the year, but Congress has given the executive branch a set of tools that buy them some time. And those tools will probably take us into the early part of 2013, thus separating somewhat the timing of the expiry of the tax cuts and the sequester with the ultimate need for Congress to act on the debt limit.”
In other words, the Bush tax cuts expire on Dec. 31. The automatic spending cuts begin on Dec. 31. The debt ceiling likely won’t come due till February, or perhaps even March. So the scenario in which we reach a debt ceiling showdown is a scenario in which the two parties have already failed to come to an agreement on spending and taxes.''
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