Borrowed Time

We’re still focusing on the Federal debt limit which Congress (the opposite of progress) is supposed to be addressing. Despite the impending limit on debt issuance (we supposedly hit the limit on Sunday, May 15th) Congress took their usual spring break and returned to start discussing this area. There are several initiatives in this regard being talked about. There is the ‘gang of six’, three Republican Senators and three Democratic Senators, trying to hammer-out a bi-partisan compromise on the direction of the budget and they will have a version of the new debt limit. There is a group made up of Vice President Biden and the leadership of the House and Senate who are working on the budget. Lastly, there is a rump group in the House that wants to avoid raising the debt limit at all and they are talking about several avenues of avoiding going even deeper in debt. Read more