Yeah, like now. Already.
ZeroHedge has the details in this article. Here’s a glimpse:
Why: because the total debt, as we predicted when we observed last week’s 30 Year auction, is now at $14,305,336,580,992.11. This is a problem because as anyone who rails against the broken US fiscal apparatus should be able to tell you, the debt ceiling is $14.294 trillion. In other words we have now officially breached the debt ceiling by $11 billion.
So what’s next? Quick back-tracking from Republicans to patch together a mini-extension? Some other political compromise? Stalemate and a temporary faux shut-down of the government? Or—the least expected outcome—massive, savage cuts in spending?
Whatever the outcome, time’s running out for some sort of action. See the current tally here, at the National Debt Clock.