Chart of the Day
Posted at noon on Oct. 7, 2013
– Walter Kurtz looks at precisely when the Treasury Department will lack the money to pay federal bills after the October 17 deadline to raise the debt ceiling.
“The answer is – less than a couple of weeks… Amazingly, there seem to be countless Americans who are rooting for this to happen. Emails are pouring in arguing that a US default in fact is a good thing. They really believe this will magically solve the US fiscal deficit problem and/or somehow ‘punish’ the Obama administration.”
“They don’t seem to realize that this is akin to wishing for another 2008, while US government deficit would only worsen as a result (with tax revenue collapsing while entitlement liabilities growing just as fast).”