From the WSJ: Treasury’s Lew Says ‘Time Is Short’ for Debt-Ceiling Fix
Treasury Secretary Jacob Lew on Monday urged Congress to intervene quickly to raise the debt limit, the latest in a drumbeat of warnings from the Obama administration that dawdling could potentially lead to delays or cuts in Social Security benefits and military pay.
The “debt limit” is about paying the bills – nothing else. And Congress will pay the bills. Everything else Congress does is political posturing, and the smart move would be to eliminate the “debt ceiling” and stop this circus.
Tuesday:
• At 10:00 AM ET, Manufacturers’ Shipments, Inventories and Orders (Factory Orders) for December. The consensus is for a 1.8% decrease in December orders.
• Also at 10:00 AM, the Congressional Budget Office will release its annual Budget and Economic Outlook. The report will include updated economic and budget projections spanning the period from 2014 to 2024.