Lew: Debt Limit Won’t Be Reached Till Labor Day After $60 B Fannie Mae Payment

Friday humor comes a day late this week, as new Treasury Secretary Jack Lew has announced that the effective debt limit will not be reached until at least labor day, thanks to a one-time $59.4 billion payment by Fannie Mae to the Treasury after reporting a record quarterly profit.

Although “The statutory debt limit will be reached in just a few days”, there is no need to worry because we can simply borrow from and drain entitlement programs again, ala 2011:  “Because of the extraordinary measures that are available and cash flows that we now can predict it will not be until at least after Labor Day”.

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