US Treasury Burns $90 Billion In Cash In Under Two Weeks
Now that's what one calls prudent fiscal planning...
Now granted this is mostly due to paying off maturing Bills, which Geithner can't roll due to the debt ceiling being breached. But keep in mind that as we pointed out in T-Minus Two Months Until The $500 Billion Rolling Debt Ticking Timebomb Goes Off that there is nearly $500 billion in maturing short and long-term debt in the next month and a half which there will be no money to fund unless a debt ceiling decision is reached, but not by August 2, but July 22... or a week from today. And with Boehner refusing the Camp David dance invitation today, one can see why for the first time this afternoon we saw a coordinated sell off in bonds and stocks as the market is finally asking "what if..."
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