Punchline: Debt Ceiling Redux

The punch-line to the original August 2 2011 debt ceiling deadline: it’s September 2, 2011 and We’ve Already Hit the New Debt Ceiling!  Holy shite.

The Debt Subject to Limit is the maximum amount of money the Government is allowed to borrow without receiving additional authority from Congress. The current statutory limit is $14.694 trillion.

US Treasury Debt Subject to Limit Graph (The current statutory limit is $14.694 trillion.)

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