When is a debt limit not a debt limit? When it’s in Congress.
You have to give those 535 people we send to Washington every couple of years to run the federal government credit. They find more creative ways every year not to do their job.
The latest is a debt limit that is not a limit because it will be suspended until May 18th while the Treasury continues borrowing to pay the nation’s immediate bills.
When we (as a nation) reach May 18th, we will have exceeded the statutory $16.4 trillion national debt limit without having a big Democrat/Republican showdown over fiscal policy. Actually, we reached the $16.4 trillion debt limit in the last days of 2012. The Treasury has been juggling the books since then to make it seem like we didn’t.