"Uh, Marriner Eccles: We Have A Problem" - Obama Predicts He Will Breach Debt Ceiling Two Months Before Election
In light of the epic fiasco from last August, when the US debt ceiling hike became a 2 month televized affair, culminating with the GOP caving, but not before the S&P downgraded the US (and in the process breaking the US stock market), Zero Hedge has long been analyzing the chronology of future debt breaches, as with the presidential election in November, what happens in the months and weeks ahead of it as pertains to the number one problem facing America - its lethal debt addiction - will be by far the biggest weakness of Obama's campaign.After the 1789 revolution the French wanted a completely fresh start so they created their own calendar.
This is something we believe the GOP has finally understood, and they want a full replay of last August's insanity, to remind America just how broke (and broken) this country is. Yet it turns out all of our analyses have been for naught (if 100% correct).
Because it is none other than President Barack Obama who has been kind enough to point out, that on September 30, 2012, or in just over 7 months, total US debt subject to the limit will be, wait for it, $16,333,900,000,000. Why is this an issue: because the final debt ceiling that Obama has been afforded with automatic Senatorial roll overs (even as Congress theatrically votes these down), is $16,394,000,000. In other words, with two months ahead of the election, the US will have a de minimis $60 billion in debt capacity.
And since the implied burn rate is $133 billion/month this means that the United States will be in full blown debt ceiling hike chaos just as the final electoral debates take place. And one wonders why the GOP rushed to green light Obama an additional $160 billion in debt issuance. If indeed the $160 billion in new debt is added, the US may not even last to September before Tim Geithner is forced to start plundering G-fund and other retirement accounts. ...MORE
Originally Year I of the Era of Liberty started on 14July1789 but with the founding of the Republic it changed to 1Jan1792. That's not the confusing part.
The calendar was made up of 12 months consisting of three 10-day week.
That is also not the confusing part.
Because the year only contained 360 days there were 5 (or 6 during leap years, don't go there) days left over so they stuck them in between September and October. Here's Wikipedia:
Five extra days – six in leap years – were national holidays at the end of every year. These were originally known as les sans-culottides (after sans-culottes), but after year III (1795) as les jours complémentaires:
- 1st complementary day: La Fête de la Vertu, "Celebration of Virtue", on 17 or 18 September
- 2nd complementary day: La Fête du Génie, "Celebration of Talent", on 18 or 19 September
- 3rd complementary day: La Fête du Travail, "Celebration of Labour", on 19 or 20 September
- 4th complementary day: La Fête de l'Opinion, "Celebration of Convictions", on 20 or 21 September
- 5th complementary day: La Fête des Récompenses, "Celebration of Honors (Awards)", on 21 or 22 September
- 6th complementary day: La Fête de la Révolution, "Celebration of the Revolution", on 22 or 23 September (on leap years only)
Mr. Axelrod is in Chicago doing campaign stuff.