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News Link • Government Debt & Financing

About That Debt Ceiling Crisis...

• zerohedge.com by Tyler Durden

With just one month left until the "X Date", better known as the first day on which Treasury has exhausted its borrowing authority and no longer has sufficient funds to pay all of its bills in full and on time, and also known as the date the US is technically in default on its debt obligations and would be forced to prioritize debt payments according to that infamous 2011 Fed transcript...

... traders were hoping if not for resolution, then at least a modest dose of optimism in the days ahead: after all with Houston reeling, the last thing the US needs is a full government shutdown in addition to the emergency crisis in Texas.

Alas, that's precisely the opposite of what is taking place in the market, where the September/October Bill Spread has again blown out to record levels...

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