Surprise: We Might Hit The Debt Ceiling Two Weeks Earlier Than Expected

Yesterday, we pointed out a new analysis from the Bipartisan Policy Center that provides a good, in-depth look at what would happen if the U.S. hits the debt ceiling.

The report also suggests that the U.S. could default on its debt as early as Feb. 15, which is about half a month sooner than was widely expected. The Bipartisan Policy Center says that the "X date" will come sometime between Feb. 15 and March 1.

"Our numbers show that we have less time to solve this problem than many realize," said Steve Bell, the senior director of the Economic Policy Project at BPC.

"We estimate that Treasury will exhaust its borrowing authority and no longer have sufficient funds to meet its obligations in full and on time at some point between Feb. 15 and March 1. It will be difficult for Treasury to get beyond the March 1 date in our judgment.”

Here is a chart that shows the BPC's range of when the "X date" could hit:

And here's a look at what the government would be unable to keep paying on Feb. 15, if that turns out to be the "X date":