Chart courtesy of Bianco Research
Earlier this week, the total debt in the U.S. topped $15 trillion ($14.98 trillion of which counts against the debt ceiling). This makes the U.S. just a few ticks away — $200 billion,practically a rounding error in DC terms — away from the current ceiling.
Estimates for based on current pace of debt accumulation are that the ceiling should be reached around New Year’s Eve, plus or minus a day.
To raise this ceiling, the Super Committee must agree to $1.2 trillion in debt reduction over the next 10 years. No one is particualrly optimistic about the prospects for this occurring.
Will early August’s default talk return once again?
See also Wall Street Journal: Deficit Stalemate Signs Rise;