by Bill McBride on 5/09/2013 08:41:00 PM
Thursday, May 09, 2013
This has been a very light week for economic data. On Friday at 9:30 AM ET, Fed Chairman Ben Bernanke will speak, "Monitoring Finance", At the 49th Annual Conference on Bank Structure and Competition, Chicago, Illinois
And on the deficit from the WSJ: Falling Deficit Alters Debate
Rising government revenue from tax collections and bailout paybacks are shrinking the federal deficit faster than expected, delaying the point when the government will reach the so-called debt ceiling and altering the budget debate in Washington.The "debt ceiling" is really about paying the bills and will be raised. That is a given (although some politicians apparently missed the memo).
The debt ceiling is estimated to be reached May 19—though the Treasury Department likely would have been able to take emergency steps to continue paying bills until July or August. Now, thanks to the improved fiscal picture, analysts at Goldman Sachs Group Inc. GS and other firms believe the Treasury Department can maneuver until September or October without congressional help. The Treasury Department so far has declined to provide its own forecast.