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US hits debt ceiling; no default until August
By: Bill O'ReillyMay 16, 2011
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STORY EXCERPT
Wall Street Journal: The U.S. government hit its $14.294 trillion debt ceiling this week--yet the Treasury market has been strengthening, showing little concern about a potential debt default. That reflects a view among investors that U.S. lawmakers' threats on this issue are more bark than bite. The market is betting that Republicans and Democrats know that failure to reach a compromise would be highly damaging to the U.S. financial system. And so, the two parties will eventually raise the borrowing limit, even if they drag their feet until the last minute.
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