I just got this press release from the Treasury Department. Sounds like they are pretty confident the debt ceiling is going to get increased.
WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of net marketable borrowing for the July – September 2011 and the October – December 2011 quarters:
During the July – September 2011 quarter, Treasury expects to issue
$331 billion in net marketable debt, assuming an end-of-September cash balance of $110 billion. This borrowing estimate is $74 billion lower than announced in May 2011. The decrease in borrowing largely relates to lower outlays and cash balance adjustments.
During the October – December 2011 quarter, Treasury expects to issue
$285 billion in net marketable debt, assuming an end-of-December cash balance of $100 billion.
During the April - June 2011 quarter, Treasury issued $190 billion in net marketable debt, and ended the quarter with a cash balance of $137 billion, of which $5 billion was attributable to the Supplementary Financing Program (SFP). In May 2011, Treasury estimated $142 billion in net marketable borrowing and assumed an end-of-June cash balance of $95 billion, which included an SFP balance of $5 billion.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 9:00 a.m. on Wednesday, August 3, 2011.
Shouldn't they at least pretend they really believe they cannot borrow if they don't get the congressional go-ahead?
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