http://finance.yahoo.com/news/Clock-ticking-on-US-debt-cnnm-928428467.html?x=0
Roughly $211 billion separates what the country owes and its self-imposed credit limit.
And by Friday, after another week of massive debt sales by the Treasury Department, that gap will likely have narrowed considerably.
It is now expected that the $12.104 trillion debt ceiling could be breached by the end of November.
It is also expected that lawmakers will raise the ceiling, as they have done more than 90 times since 1940 -- eight of them since 2002.
If they don't, the government could be forced to shut down. But that's not the worst that could happen. In fact, the government did shut down for a spell in 1995 and life went on. The reason lawmakers will eventually approve an increase is because without one ultimately the value of U.S. bonds would sink, jeopardizing the portfolios of countries and investors around the world who invest in U.S. debt.
It makes life a whole lot easier for folks at Treasury if lawmakers take that vote before the ceiling is breached -- and they usually do. But there have been times when Congress voted to raise the limit after it was pierced, according to a recent Standard & Poor's report.
If they don't do so before the breach, "the U.S. Treasury must engage in some legerdemain to create additional headroom," wrote Standard & Poor's managing director John Chambers.
The department has a few options -- but all of them are limited and very short-term. One House Democratic leadership aide said Treasury told congressional staff the steps they can take "will only cover two weeks at most and potentially even less, depending on the timing
