Friday, March 10, 2017

The Ceiling Still Waits

Well, maybe not:
In a letter to House Speaker Paul Ryan, Mnuchin pointed out that the suspension of the statutory debt limit will expire on Wednesday, March 15, 2017. The following day, the outstanding debt of the United States will be at the statutory debt limit.

At that point, the Treasury will begin to take “extraordinary measures” to prevent the U.S. from defaulting on its debt, Mnuchin wrote in the letter dated March 8.

“As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment. I encourage Congress to raise the debt limit at the first opportunity so that we can proceed with our joint priorities,” Mnuchin wrote.

Mnuchin said that the Treasury will begin by suspending the issuance of certain special purpose Treasury securities to state and local governments.
I wasn't aware that unsustainable debt was a priority...

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There Goes The Sun

Here comes the eclipse: