HALF-FULL REPORT 04/08/11
Aren't Prelims just so exciting? Every boxing fan knows the preliminary bouts are where the real action is - who cares about the Main Event, right?
So - the entire gaggle of DC elite and pinkostream enemedia punditry is going ga-ga-goo-goo over The Shutdown looming over them at midnight tonight - and while this is going to be really exciting to watch, baby, they ain't seen nothin' yet.
As we discussed last month in A Tsunami of Insanity, the only chance we have to divert the insanity from sweeping the US economy away is for Congress next month to refuse to raise the debt ceiling. As we saw in last week's HFR, one Senator who realizes this is Marco Rubio.
This week, Reuters/CNBC revealed the numbers. Brace yourselves, hold on tight. For the federal government to continue spending at current levels for the rest of FY2011 - i.e., for just the next six months - Congress will have to increase the federal debt ceiling by over one trillion dollars.
Yes, it will take a trillion dollars of more debt just to keep the federales going to the end of September. To keep them going through November 2012 will take well over two trillion.
Gasping for breath? Feel you need three fingers of Famous Grouse? Better keep the bottle handy because this is coming fast.