If you’ve wondered who or what is driving this debt ceiling debate, wonder no longer. This little pertinent clip from Bloomberg:
Treasury officials have a previously scheduled meeting for tomorrow with Wall Street bond dealers ahead of next week’s quarterly auctions of notes and bonds. The officials will talk with the Treasury Borrowing Advisory Committee, which includes executives from financial firms such as JPMorgan, Goldman Sachs, Bank of America Corp. and Pacific Investment Management Co.
The Treasury has previously said it cannot pick and choose which bills to pay in the event it can’t borrow enough to cover all its obligations, a process members of Congress called“prioritization.”
“This ‘prioritization’ proposal advocates a radical and deeply irresponsible departure from the commitment by presidents of both parties, throughout American history, to honor all of the commitments our nation has made,” Geithner said in a letter to Congress last month.
Strange how all the banks mentioned are also those who got billions and billions of taxpayer bailouts. Funny, huh?
What you want, dear American taxpayer, is meaningless. Your overlords have spoken.