Why It Matters
The statutory debt limit, raised to $41.1 trillion by Public Law 119-21 in July 2025, is projected by outside analysts to be reached in early to mid-2027, with extraordinary measures potentially delaying the binding date by several months. Palladian Partners LP/HBK Master Fund LP is lobbying on issues related to debt through BGR Government Affairs LLC.
The filing names no specific bills or agency actions, describing the work only as providing strategic counsel and advocating on issues related to debt.
By the Numbers
The third-quarter 2026 filing reports $140,000. Palladian Partners has reported $140,000 in each of five consecutive quarters, from the third quarter of 2025 through the third quarter of 2026, totaling $700,000 across that span.
The three lobbyists named on the filing are:
- Kirsten Madison, senior vice president, with Senate committee service including as Homeland Security Director on the Senate Homeland Security and Governmental Affairs Committee.
- Les Munson III, practice co-head/principal, with about 10 years of congressional service including as Staff Director (Republican) on the Senate Foreign Relations Committee.
- Matt Hoffmann, practice co-head/principal, with 18 years of congressional service, the longest of the three, spanning the House Financial Services Committee, Senate Finance Committee, and House Ways and Means Committee.
Broader Context
A September Congressional Research Service (CRS) update relied on outside projections from June that put the limit being reached in early to mid-2027. CRS analyst Grant A. Driessen's report warns that a binding limit could disrupt Treasury borrowing, financial markets, and federal payments, and notes the Congressional Budget Office (CBO) projected debt subject to the limit at $49.4 trillion by fiscal year 2031 and $63.8 trillion by fiscal year 2036, per the CRS report.
Rep. Brendan Boyle (D-PA) introduced the House Debt Ceiling Reform Act, H.R. 4634, in July 2025; it was referred to the House Ways and Means, Rules, and Budget committees and has no cosponsors. A Senate companion, S. 2405, introduced by Sen. Jeff Merkley (D-OR) and referred to the Senate Finance Committee, gained two cosponsors: Sens. Richard Durbin (D-IL) and Tim Kaine (D-VA). Rep. David Schweikert (R-AZ) separately introduced the DEBT Act, H.R. 402, which would require the Treasury secretary to explain the approaching debt limit to the House Ways and Means and Senate Finance committees; it was referred to House Ways and Means.
The filing names none of these bills, so Palladian Partners' specific legislative focus within the debt issue is not established by the record.
The Committee for a Responsible Federal Budget urges Congress to raise or suspend the ceiling well before any deadline, citing a Government Accountability Office (GAO) estimate that the 2011 debt-limit standoff raised borrowing costs by $1.3 billion in fiscal year 2011 and a Moody's Analytics estimate that a default could produce a 4 percent decline in gross domestic product and nearly 6 million lost jobs.
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