UBS: Obama, Dems Wrong About August 2nd Deadline

by Scott Gibbons on July 25, 2011

Analysts for major financial services company UBS say the United States Treasury has enough money on hand to service debt until August 10th — more than a week longer than Barack Obama and Senate Democrats have repeatedly claimed. We wouldn’t add more to the $14 trillion+ national debt, but we’d continue to make our expected payments on current debt.

What does that mean? We wouldn’t default and bring on the apocalypse if we’re still lacking a deal by August 2nd. The Treasury will continue making payments, we’ll continue to meet our obligations, the markets won’t crash, and the partisan wrangling can go on. At least for 8 more days than previously claimed.

In fact, the Treasury has already moved the deadline once. A few numbers were moved around and, voila, the deadline was pushed back to August 2nd. Now, apparently, we’ve got until August 10th. Which brings us to an important question: Is a deadline really a deadline if it can be moved so easily and often?



Trackbacks/Pingbacks

  1. Clinton to China: We’re Not Going to Default | The American Pundit - July 25, 2011

    [...] UBS says Democrats are wrong about the debt ceiling deadline. And markets have little reaction to prolonged [...]

Leave a Reply