The New York Times reports that it turns out the federal government is sitting on some extra cash. Thanks to an inflow of tax payments and maneuvering by the Treasury Department, the government can probably continue to pay all of its bills for several days after Aug. 2, providing potentially critical breathing room for Congress to raise the debt ceiling, according to estimates by several Wall Street banks and a Washington research organization.
The consensus is that the government will not run short of money until Aug. 10, when it would be unable to cut millions of Social Security checks without borrowing more money…
Read more at http://www.nytimes.com/2011/07/27/us/politics/27date.html?_r=1
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