Tuesday, September 20, 2011
The dirty little secret you haven't been told: we're up against the debt limit again!
Today's Treasury Statement shows that we are bumping right up against the debt ceiling AGAIN! The August 2 agreement was supposed to keep this from happening, but the second tranche of $500 bln in borrowing authority has been held up by procedural votes in Congress.
Treasury back in "payment juggling" mode. When it did this back in June-July, it resulted in a significant slowdown in the economy that showed up in the data.
Here we go again!
Just $10 bln below the debt ceiling!!