Bloomberg.com reported today that the August 2 deadline to raise the debt ceiling may not be entirely accurate. Because tax revenue is coming in faster than expected, the date will probably be later than August 2.
The article reported:
“The Treasury “has another two weeks after Aug. 2 basically of cash flow that’s available, and they will pay off the interest on the debt as their No. 1 priority to avoid any default,” John Silvia, chief economist at Wells Fargo Securities LLC Silvia, said in an interview on Bloomberg Television yesterday.”
Considering the total lack of agreement on how to handle our out-of-control spending, I suspect that this is good news.