The Federal Government "burned" $15 billion while you were sleeping.
As of last night, the US Treasury had just $51.3 billion in Federal Resere cash, and furthermore, Tim Geithner let the $5 billion in residual CMBs under the Fed's Supplementary Financing Program mature without rolling. In other words, the Treasury just burned $15 billion, or $20 billion when accounting for the CMB roll off, overnight. At this burn rate there is precisely 3 days or so of cash, although this naturally does not include the bulk payment due to SSTN discussed previously. It is now officially time to panic, although those who so wish, can put their money in not just Apple ($76.2 billion), but GE ($136.4 billion) and Microsoft ($62.4 billion) all of which have more cash than Tim Geithner. Of course, as Gartman put it, in three days everyone will have more cash than the US Treasury.
So where did all of that cash go?
