The US Treasury is fast approaching its borrowing limit of $16.394 trillion; we expect the Treasury to hit that number within 35 calendar days or by December 17, 2012. While we're growing increasingly optimistic generally about the Financials post the Fiscal Cliff/Debt Ceiling, we think investors should have realistic expectations about what is likely to happen over the immediate/intermediate term. Based on the how things went in the last go-around, we would be positioned defensively in the short-term, and be looking to take advantage of the weakness once resolution if forthcoming.
