It seems as though Secretary Geitner and President Obama were wrong. The United States will not default on August 2 after all. The 80 million checks can be issued as planned. Armageddon has been postponed for 8 days.
How did this happen? It seems that projecting government income and expenditures isn't rocket science--it's not science at all--it's anybody's guess. And Geitner guessed wrong by several billion dollars. Between July 14 through July 19, the federal government collected an extra $14 billion in tax revenues and spent $1 billion less than previously assumed. As a result the anticipated $2 billion shortfall expected by Geitner on August 2nd has been overcome. The government should now easily be able to meet its obligations, including a $22 billion social security payment due on August 3 which Obama said might not get paid. The additional revenue should in fact tide the government over until August 10--and beyond that date if the trend continues.
Stay tuned for further up-dates. Armageddon may not be August 10 either. Maybe we should consult Nostradamus to get the accurate date.