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Report: U.S. Could Have Few Days Past Aug. 2 Deadline On Debt Ceiling

For months, the world has been focused on the Aug. 2 deadline for the U.S. to have a new and higher debt ceiling in place to stave off Defaultmageddon.

The U.S. Treasury, however, could actually have a few more days before hitting the wall, thanks to higher-than-forecast tax revenues.

An excerpt from an article by Zachary Goldfarb of the Washington Post:

But several new reports — from UBS, Barclays and Wells Fargo — have cast doubt on that estimate. Analysts have said that daily tax receipts have been higher than anticipated and that the Treasury has quite a bit of cash on hand.

As of Friday, according to the Treasury, the government had $85 billion in cash.

UBS estimates that the government will run out of money to pay all bills starting no sooner than Aug. 8. Barclays suggests Aug. 10. Wells Fargo Securities said the government might have to cut back on some spending but could pay most of its bill through August.

A commenter to the article, "aaronweiner," probably speaks for many who have watched in disgust how Washington policymakers have managed (or not) the debt-ceiling crisis fight to date.

Who cares if it's August 8 or August 2? I mean, technically it's more time, but more time in stasis is still stasis.

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