The Treasury Department has said Congress needs to extend the nation’s borrowing authority by Oct. 17 or risk default. But private observers say that date might be more like Oct. 22, or maybe even Nov. 1. Plus, a survey out today finds many business travelers opt for McDonald's and Starbucks (they account for 8 percent of all food expenses). It's not because of corporate budget constraints. Fast food joints attract busy, solo business travelers looking for a reliable wi-fi connection. Congress and the media are on full-on freak-out as we head towards default. To the outsider, it looks increasingly likely that we’ll fail to pay the interest we owe on our Treasury bonds. And yet, if you look at the bond market you'd have no idea anything was going on.
The Treasury Department has said Congress needs to extend the nation’s borrowing authority by Oct. 17 or risk default. But private observers say that date might be more like Oct. 22, or maybe even Nov. 1. Plus, a survey out today finds many business travelers opt for McDonald’s and Starbucks (they account for 8 percent of all food expenses). It’s not because of corporate budget constraints. Fast food joints attract busy, solo business travelers looking for a reliable wi-fi connection. Congress and the media are on full-on freak-out as we head towards default. To the outsider, it looks increasingly likely that we’ll fail to pay the interest we owe on our Treasury bonds. And yet, if you look at the bond market you’d have no idea anything was going on.
