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Congress and the White House handed out tax cuts but did little-to-nothing to cut spending when they worked out a last-minute fiscal deal just before the New Year started.

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Next, lawmakers need to raise the national debt ceiling or the government won't be able to borrow money.

Eventually, the government will have to cut spending or it will become unwieldy, analysts say. Investors will lose confidence which will send the world's economy reeling.

The government could reach the point of being unable to pay all its bills as early as Feb. 15, according to Steve Bell, senior director of the economic policy project at the Washington-based Bipartisan Policy Center.

Bell made the prediction to Newsmax, a news reporting service. he based his forecast on financial data from the U.S. Department of Treasury.