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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Colin H who wrote (55903)	3/14/2006 1:17:04 AM
From: CalculatedRisk	Respond to of 110194

I think this week is it. Treasury's Snow postpones trip to Africa go.reuters.com WASHINGTON (Reuters) - Treasury Secretary John Snow is putting off a mid-month trip to Africa, a Treasury spokesman said on Monday, amid pressure to raise the federal debt limit and to calm waters after a controversial port-management transaction. Snow was due to travel to Tanzania and South Africa for about a week beginning the end of this week. Instead, he will remain in Washington to make sure Congress raises the $8.18 trillion federal debt ceiling. If the ceiling is not raised, Treasury would not be able to issue new debt. "This is really the week it must be done," Fratto told reporters at a briefing. Treasury has taken several extraordinary steps to stay under the debt cap, including suspension of state and local government securities, dipping into government pension and foreign exchange stabilization funds, and sale of short-term cash-management bills. Snow told lawmakers last week that Treasury had exhausted "prudent and legal" actions to avoid hitting the debt ceiling. Although Treasury has been reluctant to pinpoint the exact date when it runs out of wiggle room, the department let lawmakers know by e-mail that Friday, March 24, is the "drop dead" date for raising the debt threshold, a Senate Republican aide said on Monday. <MORE>