by Chris Carrington, The Daily Sheeple:
Washington has suspended the debt ceiling, setting a date, and not a concrete dollar sum as a deadline, an unprecedented first in US history.
Citing ‘extraordinary measures’, the US Treasury has further delayed tackling America’s debt, and will wait until Labor Day, September 2nd, to revisit the burgeoning crisis. The ceiling has been lifted, and the Treasury has promised it will keep cash pumping into government spending programs beyond the debt limit through a series of emergency cash tools.
Until then, the Treasury will borrow money to mend any gaps between government spending and revenues, adding to the already $16.7 trillion debt.
On Friday, the Treasury Department announced it will suspend sales of State and Local Government Series loans (SLGS) until further notice. The suspension applies to demand deposit and time deposit securities.
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