According to that "right wing rag", The Washington Post, The President is being somewhat disingenuous with his assertion that the government will default on Aug. 2nd without an increase in the debt ceiling. We actually have, at least, about another week; and maybe a month.

New reports show that the government has taken in more money than anticipated and has quite a bit of cash on hand. UBS estimates the government will have cash on hand until at least Aug. 8th, and Well Fargo and Barclays say the government should be able to pay it's bills through the month of August.

It can still upset the markets if the government doesn't have a new policy in place by the arbitrary Aug. 2nd date, but it will not be the whole "sky is falling" scenario we are being badgered to believe.

Even with new requirements for those posting U.S. Treasury Bonds, the market for U.S. Treasury Bonds is still expected to be good because with the state of the European economy the U.S. still has no rival as an investment opportunity according to the financial watchers.

So calm down out there, and take a breath. We don't need to throw the baby out with the bath water to make a sound deal to get this country back on an austerity track while protecting the freedoms of us all.

http://www.washingtonpost.com/busine...cZI_story.html