How much tax revenue will it receive that day?
What will be the size of the debt payments (principal and interest) it will need to make on August 3?
Once those questions are resolved, then one will know the maximum amount of cash available to meet non-debt-related expenditures, including Social Security, on August 3. Those calculations will need to be repeated for many days forward to assure that payments made early on don't lead to default on debt obligations later one. Unfortunately, August is as terrible a month as any for maturing debt. A total of $500 billion in Treasury securities will mature that month, and not all of those securities would be rolled over in the face of no agreement to raise the debt ceiling. In contrast, August 2010 saw just under $164 billion in monthly tax receipts. With this year's tax receipts running about 9% above last year's in recent months, the August 2011 revenue figure could fall in the $175 billion-$185 billion range. In short, there will be very little margin for error.
Finally, I suspect that odds strongly favor a deal to raise the debt ceiling. The posturing over the past few days is more than likely the beginning of the end of the impasse. The sides are trying to show strength so that they can later assert they did their best (for their interests/constituencies) before they cut a deal that all will find imperfect.
It will soon be time to vote them all out of office. We need to find some people to elect that can do the job and on time.
"I can explain it to you but, I can't understand it for you"
"Am I angry about it? I sure as hell am," Boehner said, according to remarks obtained by Fox News.
Oh, goody. I'm glad he's in the same shape I am.
Obama on debt ceiling: Is he winning over Americans? - CSMonitor.com“If, in fact, Mitch McConnell and John Boehner are sincere – and I believe they are – that they don't want to see the US government default, then they're going to have to compromise just like Democrats are going to have to compromise, just like I have shown myself willing to compromise,” Obama said, referring to the Senate minority leader and House speaker.
Is this not true? I mean, as bad as it may sound, that doesn't mean it's not true... right?
A man without fear is a fool, a man that succumbs to his fear is a coward and a brave man acknowledges fear yet presses on.