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* * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *

 
Anonymous Coward
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07/22/2011 10:44 AM
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* * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
Treasury Now Projected To Have -$15.5BN Cash Balance On August 15 $31BN Coupon Date

Well, it looks like there will be no debt ceiling hike enacted prior to August 2 at which point the money really does run out. From The Hill: "The No. 3 Republican in the House said Thursday night that he didn’t expect any surprises in the deficit debate over the weekend. “I do not see something springing this weekend,” Republican Whip Kevin McCarthy (Calif.) told conservative radio host Hugh Hewitt. McCarthy pooh-poohed reports that the White House and Republican leadership are closing fast on a deal on the budget deficit and raising the debt ceiling. “There is no deal,” McCarthy said, using the same phrase used by the White House and House Speaker John Boehner (R-Ohio) following reports they were nearing a deal on Thursday. McCarthy said Republicans would not rush to push a bill through in order to meet the Treasury Department’s Aug. 2 deadline. According to McCarthy, House Republicans will seek to follow their own “three-day rule” in order to allow members of Congress to debate the plan.

And the kicker:

As a member of Congress, I’m going to want to read all the way through it,” McCarthy said. “And if you think this conference is going to go vote on something willy-nilly, they will not.”

McCarthy said he would expect any legislation related to the debt ceiling or deficit to spend those three days in the House and “at least three or five days” in the Senate.

Republicans will not be like the Democrats and “run it right to the floor,” McCarthy said


READ REST @ [link to www.zerohedge.com]
Anonymous Coward (OP)
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07/22/2011 10:48 AM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
It's either DOOM or GLP will have a correct prediction:

Thread: WATCH....THIS WILL HAPPEN
Anonymous Coward (OP)
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07/22/2011 10:50 AM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
siren2

Now the reason why this is bad is because as Stone McCarthy calculates, "we expect Treasury to have less cash in early August than we thought previously." And here is where it gets very tricky since the money generating machinery won't be in place on time: "we now show Treasury with a negative cash balance of $15.5 billion on August 15, which implies that Treasury wouldn't have the resources to pay $30.6 billion in interest on that day."

siren2
Anonymous Coward (OP)
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07/22/2011 11:01 AM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
At this point, we expect Treasury to have less cash in early August than we thought previously.

In mid May, for instance, we thought Treasury would open the day on August 2 with cash of about $85.0 billion. (See Chart of the Day: Imagining an August Without Borrowing, 5/20/11.)
-------------------------------------------------------------​-------------

TURNS OUT IT'S ONLY 55!!

laugh

It's one thing to be off a few thousand...heck even a few million when dealing with BILLIONS...but to be off by 30 billion is hilarious!
Anonymous Coward (OP)
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07/22/2011 11:03 AM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
btw here is the chart for the above:

[link to www.zerohedge.com]
Anonymous Coward
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07/22/2011 11:06 AM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
Treasury Now Projected To Have -$15.5BN Cash Balance On August 15 $31BN Coupon Date

Well, it looks like there will be no debt ceiling hike enacted prior to August 2 at which point the money really does run out. From The Hill: "The No. 3 Republican in the House said Thursday night that he didn’t expect any surprises in the deficit debate over the weekend. “I do not see something springing this weekend,” Republican Whip Kevin McCarthy (Calif.) told conservative radio host Hugh Hewitt. McCarthy pooh-poohed reports that the White House and Republican leadership are closing fast on a deal on the budget deficit and raising the debt ceiling. “There is no deal,” McCarthy said, using the same phrase used by the White House and House Speaker John Boehner (R-Ohio) following reports they were nearing a deal on Thursday. McCarthy said Republicans would not rush to push a bill through in order to meet the Treasury Department’s Aug. 2 deadline. According to McCarthy, House Republicans will seek to follow their own “three-day rule” in order to allow members of Congress to debate the plan.

And the kicker:

As a member of Congress, I’m going to want to read all the way through it,” McCarthy said. “And if you think this conference is going to go vote on something willy-nilly, they will not.”

McCarthy said he would expect any legislation related to the debt ceiling or deficit to spend those three days in the House and “at least three or five days” in the Senate.

Republicans will not be like the Democrats and “run it right to the floor,” McCarthy said


READ REST @ [link to www.zerohedge.com]
 Quoting: Anonymous Coward 1136725


they need to take the hit,forget putting off what is coming let it start now and move on start all over again.
Anonymous Coward
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07/22/2011 11:17 AM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
i actually hope they don't raise it. you stupid fuck americans need a good dose of reality. even then, you'll probably start to hate some other bogey man other than yourselves, you stinking filth!
Anonymous Coward (OP)
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07/22/2011 11:52 AM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
i actually hope they don't raise it. you stupid fuck americans need a good dose of reality. even then, you'll probably start to hate some other bogey man other than yourselves, you stinking filth!
 Quoting: Anonymous Coward 1119634


wow lol
Anonymous Coward (OP)
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07/22/2011 12:15 PM
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Re: * * * DOOM ON!?!? Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend * * *
bump

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