According to Treasury Secretary Tim “Turbo Tax” Geithner, The United States government will default on its debt obligations on August 2 unless the debt ceiling is raised.
But like every other Obama deadline, this is an artificial date with no basis in reality. Let me explain.
Since January, Sec. Geithner has repeatedly changed the deadline for default, not based on sound fiscal calculations but upon a desire to force Republicans to act quickly, giving Obama the easy win.
First it was March 31. Then April 5. After that, May 16. Soon the default deadline was pushed back to July 8. Now it’s August 2.