[jancona]

The US did not come within one day of defaulting. It came within a day of hitting the debt ceiling, which is a very different thing. Despite the way it was portrayed, the government could have limped along for days our weeks without defaulting.

(I'm not saying that would have been a good thing--just that the idea of August 2nd as the day default would have occurred is incorrect.)

[j_baker]

We hit the debt ceiling back in May. We've managed to stay afloat due to some accounting tricks at the Treasury.

http://www.washingtontimes.com/news/2011/may/16/federal-gove...