Truth or lies? It's hard to know sometimes...

[sad sally]

On March 1st, Geithner warned that financial Armageddon would not occur until April 15th.

On April 4th he moved the date back to May 16th.

And then on May 2nd Geithner said there were “extraordinary measures” he could take as Treasury Secretary that would push the default date all the way back to August 2nd. (yeah, I know, story was he dipped into federal retirees funds to do this)

The markets, and Congress, have detected a pattern of behavior here - just asking, are we being told truth or lies?

[Poll_Blind]

1. They've been playing games to keep making payroll for a while now.

This isn't touched on all that much but it has been in a number of articles I've read. The August deadline, I am led to believe, is no more options available. In other words, I've seen nothing to lead me to believe that what Geithner said was a lie, they've just been robbing Peter to pay Paul quite a bit since then to keep the plates spinning.

PB

[TexDevilDog]

2. If I max out my credit cards, it doesn't mean I can stop paying my mortgage.

The sky is falling.

[sad sally]

4. Yeah, I get the idea. And maybe the sky will really fall if the debt limit isn't raised by Aug. 2

[TexDevilDog]

5. It just might. And we will all have a front row seat to the action.

[PoliticAverse]

3. Part of the problem with the August 2nd date is it depends on cashflow...

The amount the Federal government has in its bank account on that date which
depends on how much it has received in payments vs how much it has paid out.
These amounts are estimates until we actually get to the date in question.

There is some speculation that the actual date is closer to August 10th.