False hope and destructive change wasn’t part of the deal when Mr. Obama got elected and he has failed miserably except for his undue support of Wall Street policies that continue to wreck any and all options left for Americans of every hue. Representative Maxine Waters now calls for a new trillion dollar jobs program but she too lives in the blinkered world inside the Beltway, that’s not quite how Capitalism actually works;
Ritholtz
It was just one month ago today (August 2) that the great debt ceiling debate was “solved” with a deal to raise the limit by $500 billion. However, as the chart below shows, the immediate $500 billion ceiling hike on August 2 (red line) has almost been reached. As of tonight (September 2), the U.S. only has about $32 billion more in borrowing authority until the month old debt ceiling hike is reached (green line).
Based on current projections, this is about two weeks away, much sooner than was projected 31 days ago (it was hope the August 2 increase of $500 billion increase would last until the super-committee’s Thanksgiving deadline). Total debt outstanding (blue line), which includes debt not subject to this limit (explained in green below), surpassed the debt ceiling today.
