The following graph from Bianco Research shows that we are on track to breach the debt ceiling by August of this year. After that point the treasury can once again borrow from pension funds in order to push back the reckoning by about two months. The important thing to note is that this will not get us through the November elections meaning both sides can once again use this as a tool in political warfare.
Obama, like in August of 2011, can tell senior citizens that they will not receive their social security checks because of the heartless republicans. Romney can hammer into Obama saying that his fiscal irresponsibility is what brought us here in the first place. The charade should provide another dramatic show. At the end of the day the ceiling will be raised and America will continue its march toward bankruptcy. Click for larger view:
h/t The Big Picture