US debt ceiling discussions are a predictable feature of the policy-making process. The only uncertainty regarding the Treasury’s ability to continue meeting its cash obligations was timing: would it be July or August? As it turns out, the date is likely to be sometime in June.  

In short:

A friend of mine was often fond of asking “who is going to be left holding the dogs”? The “dogs” here were long-term US Treasury Bonds, and this question came up in every conversation about the likelihood of a rise of interest rates.