Budget Deficit Plan and the Federal Borrowing Limit

President Obama laid out a budget plan that would cut federal deficits by $4 trillion over four years. In his speech, budget cuts that would pave the way for an increase in the federal borrowing limit were also announced. The federal borrowing limit will be a focus of debates over the next few months as the U.S. is expected to reach its limit by May 16. A decision on the ceiling is expected by June and maneuvers could be used to delay defaults until July.

Wall Street Journal, April 14, 2011
Obama Stokes Deficit Fight