By Peter Schroeder - 01/23/13 06:52 PM EST
However, if the bill is somehow delayed and not passed until later, the center warned that the Treasury Department will have less time going forward to avoid a possible default.
Whenever the government reaches its borrowing limit, the Treasury employs what it calls "extraordinary measures" to free up funds to keep the government paying its bills. The government reached its borrowing limit on Dec. 31 and will be able to avoid default until mid-February or early March, according to Treasury Secretary Timothy Geithner.
But the longer Congress spends on the bill, the more those measures will be exhausted and the longer they will take to replenish while the debt limit is suspended. As a result, the center said the sooner the bill is passed, the longer the Treasury will be able to avoid a default the next time it reaches its borrowing cap.