US Households Already Went Off Their Fiscal Cliff and Breached Their Debt Ceiling

mybudget360.com / by mybudget360 / December 4, 2012

Few people realize that the debt ceiling is aligning right on track with the fiscal cliff.  Total public outstanding debt is now at $16.369 trillion and is only $63 billion away from breaching the limit.  Not a coincidence that the fiscal cliff is also on the horizon.  In essence, we are addicted to debt.  However US households have been on a multi-year long process of deleveraging yet this is not being asked from banks or governmental institutions.  Of course we knew this was coming.  Anyone that was honestly objective realized that we were on an unsustainable path.  Yet the name of the game is now about kicking the can furiously down the road so it falls beyond or line of vision.  Then we act surprised when we arrive at the can and it has only gotten heavier with debt.  So as we are T-minus a few days from the fiscal cliff, let us examine the debt ceiling.

Debt ceiling being breached   

We are fast approaching the debt ceiling:

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