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Treasury Officials Planning?

7 July 2011 The question is are the reports coming out of Washington DC true?  Are Treasury officials planning for the failure of Congressional leaders to come to an agreement on raising the countries debt limit?  One thing is for sure, they are working behind the scenes on contingency plans.

Reutuers is reporting that there are several issues under consideration.  First can the Obama administration ignore Congress and continue to issue debt in the best interests of the country?  Can the administration manage cash flow beyond the August 2 deadline?  Is the 1985 government watchdog correct in their assessment that the government has legal authority to prioritize payments?

The service reports that the Treasury has spoken to the Federal Reserve about how the central bank would operate as a broker in the markets in the event a deal is not reached in time?

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