Debt-Ceiling Cliff Dancing
Notes on the Week Ahead
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The X-State of the Federal Government
As of April 27th, with one business day left in the month, the Federal Government had $294 billion in its checking account. We believe that the Treasury Department is already implementing all currently available extraordinary measures. If Secretary Yellen could somehow find enough quarters in the couch to get to June 30th, there is one final set of extraordinary measures available on that debt which could just about fund the government through July. These calculations suggest that we could reach the X-State within the next six weeks and it begs the question where exactly we are on negotiations.
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