The Senate just killed "Cut, Cap and Balance". Because it takes at least a week to get legislation reviewed and passed, there is now no chance of getting the debt ceiling raised by August 2. Intrade now sees only 33% chance of a deal, but that is wishful thinking.
It may be possible to have a short-term extension of a few weeks, but Obama has previously rejected any short-term deal in his famous "Eat our peas" speech.
The good news is that Treasury has enough cash to pay bills through August 14. So Monday, August 15 is doomsday. Hey, that's still 3 weeks away, nothing to worry about mate.
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