PARTISAN

D.C. Braces for More Budget Fights

Debt ceiling must be resolved soon.

With government funding through September more or less resolved, lawmakers are gearing up for the next partisan battle: when to raise the debt ceiling. The maximum allowable U.S. debt is currently $14.294 trillion, a staggering figure that will nonetheless be reached within a few weeks. Treasury chief Tim Geithner has issued a stern warning against letting the debt ceiling lapse, saying it will wreak havoc on a fragile economy, and has already scheduled meetings with top legislators to win support for raising it—but many fear the government shutdown battle is only a small preview. Meanwhile, half a dozen senators (the “Gang of Six”) have been meeting in earnest behind close doors to come up with a deficit-reduction plan that could provide some political cover for voting to raise the debt ceiling.