Analysis: House bill will lead to $450 billion increase in debt limit

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According to the center, that suspension and eventual hike would likely amount to $450 billion, assuming the bill is enacted by the end of January. Senate Democrats have said they would bring up the measure following House passage, and the White House has said it does not oppose the bill.

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.