Defaulting on the Debt Is Dangerously Close

Paul Kane: “Washington is lurching dangerously close to a self-induced financial calamity. It’s so bad no one even agrees whether they should negotiate on raising the government’s borrowing authority…”

“One missing ingredient to all this bluster is an official deadline, something that will hopefully come very soon from Treasury Secretary Janet L. Yellen. Once analysts have finished the incoming and outgoing cash flows of tax season, Yellen can issue what insiders call the X date for the deadline when Treasury will run out of budget gimmicks for handling the more than $31 trillion national debt.”