We will hit the $7.3 trillion limit and not be able to function unless they raise the debt ceiling.
http://money.cnn.com/2004/08/02/news...reut/index.htm
Quote:
WASHINGTON (Reuters) - Treasury Secretary John Snow on Monday put the ball squarely in Congress' court on the debt ceiling issue, warning lawmakers that the U.S. government cannot not be financed past November unless they raise the limit.
In a letter sent to Capitol Hill leaders, Snow said the debt subject to the $7.384 trillion limit will be hit "between late September 2004 and early October 2004." Even if the government takes certain accounting maneuvers to stay beneath the ceiling, as it has done in the past, Snow said, "we can finance government operations no longer than mid-to-late November 2004."
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We might have to give up the pretense of democracy and finally start calling ourselves a corporate police state.
"America: We Own You."