from fox business: Tax revenues up, We May Not Be Broke on Aug. 2 After All

[The Straight Story]

We May Not Be Broke on Aug. 2 After All

Lawmakers in Washington locked in a stalemate over how to raise the nation’s $14.29 trillion debt limit may have a bit more time to avoid an unprecedented default than previously believed.

Thanks to a surprisingly strong influx of tax revenue during the second half of July, the U.S. may not actually run out of cash until August 10 -- eight days after the infamous August 2 deadline the Treasury Department laid out, a new research note from Barclays (BCS: 14.99, -0.61, -3.91%) contends.

After studying tax receipts since July 14, the Barclays analysts believe the U.S. will now be able to meet $32 billion in payments due on August 3, the bulk of which is a $22 billion Social Security payment that President Barack Obama famously warned was in doubt.

That’s because tax inflows over the five-day period from July 14 have been $14 billion higher than previously assumed, allowing the Treasury Department to easily overcome a $2 billion shortfall it was facing on August 3. At the same time, Barclays estimates actual expenditures have been $1 billion lower than its earlier assumptions.


Read more: http://www.foxbusiness.com/markets/2011/07/25/report-treasury-may-have-cash-beyond-aug-2-deadline/#ixzz1T9mDplOx

But, but Obama, liberals, uh...revenues are up?

[yellerpup]

1. Hmmm. I read in the NYT business section last week

that Warren Buffet was planning to pay his quarterly corporate taxes early. I forget the amount that he was supposed to kick in (about 400-500 million), but that would bring the tax revenues collection up considerably with no credit going to Fox or their ilk..

[damntexdem]

2. Whoopie, eight extra days!

In which nothing will be accomplished.

[Ruby the Liberal]

3. Sounds like we need to cut taxes!

:sarcasm: