Sen. Rob Portman, R-Ohio., a former director of the U.S. Office of Management and Budget, released a study yesterday, showing that the United States Department of Treasury will reach its statutory borrowing limit well before election day.

Specifically, the study noted that President Obama’s budget projects total U.S. debt will reach $16.334 trillion by September 30, 2012. This is just $60 billion below the 16,394,000,000,000 debt limit set just last August. Since the federal government is adding to the national debt at a rate of $132 billion a month, the debt ceiling should be around October 15th. The $100 billion payroll tax cut set to be passed today will only accelerate this time-line.