Payroll Tax Deal Pushes U.S. Closer to Debt Ceiling

The payroll tax extension that Congress passed last week “accelerated the timeline for another battle over the debt ceiling,” The Hill reports.

“The debt-ceiling agreement lawmakers approved in August established a cooling-off period, with enough borrowing to see the country through until after the November election. But a sequel to the debt-ceiling drama could be coming to Washington sooner than planned, thanks to the billions of dollars in deficit spending in the payroll tax agreement.”