Wiggle Room?

Some sources claim Treasury has "wiggle room" past 8/2 (see today’s Wash Times article), perhaps even past 8/15 when interest payments are due. But an actual interruption - technical default - is not so much key to credit types and money managers as is the final package.

A 3 day delay in US payments, followed by a package with teeth - something which prevents a drift to bankruptcy down the road - is far preferable to a ceiling increase which allows Congress to skate by.


Robert Craven