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Congressional Budget Office: Debt limit increase by Congress not needed until the fall

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WASHINGTON — The Congressional Budget Office says Republicans controlling Congress can probably put off a politically wrenching vote to increase the government's borrowing cap until the fall.

That's even though the government can no longer issue Treasury securities after March 15. Instead, the government will rely on tax season surpluses and accounting maneuvers to keep the government afloat through October or November.

The accounting moves include deferring investments into federal employee retirement funds.

Republicans used the need to raise the debt ceiling in 2011 to impose spending cuts upon President Barack Obama. Obama has since refused to negotiate, which drove GOP leaders a year ago to raise the borrowing cap with mostly Democratic votes.

Without congressional action to increase the debt limit, the government would default on U.S. obligations.

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