I thought this article from Saturday’s NY Times was propitious and something Sax Angle readers could benefit from. After reading this, one can’t help but draw the conclusion that we are heading into a lot more volatility during the first part of the New Year. These things invariably get worked out or as Winston Churchill was quoted as saying, ” depend upon the Americans to do the right thing after they’ve tried everything else.” Volatility can be your best friend or your worst nightmare. ONLY YOU can decide which one that will be.
The government is within days of hitting its legal borrowing limit, complicating the already fraught negotiations between the White House and Speaker John A. Boehner of Ohio, the de facto leader of the Congressional Republicans.Enlarge This Image Stephen Crowley/The New York TimesThe White House based its initial proposal on a plan by Senator Mitch McConnell. Republicans rejected the proposal.According to the Treasury Department, the government is about $66 billion below its $16.4 trillion debt ceiling, a legal borrowing limit that is set and periodically raised by Congress. When the country hits the ceiling — sometime toward the end of December, analysts estimate — it would start a countdown clock that would end with Washington running out of money to pay its bills.
via On Capitol Hill, Fiscal Talks Now Turn to U.S. Borrowing Limit – NYTimes.com.