As of today were 21 Trillion in debt...

‎Sunday, ‎March ‎18, ‎2018

                                Default? The debt is not raised until March 2019, But...

  If a deal cannot be reached before August 2nd the Treasury says it will be forced to default. It has not specified on what: it could choose to stop paying pensioners and soldiers before it stopped paying interest on its debt. But outright default cannot be entirely ruled out. What happens if the world's most trustworthy borrower reneges on its debt?
  The debt limit is currently set at $20.456 trillion. Rather than raise that limit by a specific dollar amount -- which would require publicly acknowledging the country's costs going forward -- lawmakers chose to suspend the limit through March 1, 2019.
  A suspension lets the U.S. Treasury borrow as needed to satisfy the country's legal obligations in full and on time. Those obligations include everything from veteran benefits and military paychecks to contractor fees and bills incurred by all federal programs.

Once the suspension ends, the amount borrowed during the suspension period will be added to the legal debt limit.

"Politically, it's easier to pass a suspension, In this case, more than a trillion dollars easier.

The Committee for a Responsible Federal Budget estimates that by March 2019, the new debt limit could be reset as high as $22 trillion, or $1.5 trillion higher than where it is today.
  Given that the country regularly runs deficits, the Treasury must borrow to make up the difference between the revenue it takes in and the money it must pay out.

None of this should surprise anyone on Capitol Hill. After all, every time lawmakers have chosen to increase spending or cut taxes, they effectively require the country to borrow more in future years. And that makes it necessary to raise the debt limit periodically.

That's why fiscal experts stress that increasing the debt ceiling is not giving anyone license to spend more, despite what some politicians claim. It simply authorizes the Treasury to borrow what's needed to pay the country's commitments created by previous legislation.

"That the decision is made separately from the actual budget decisions is a bigger problem,

That reflects both the borrowing needs to pay the country's bills during the suspension period plus the costs of the special accounting measures that Treasury has been using since December 8, when the last suspension ended.

Since 2013, Congress has passed 5 debt limit suspensions.
National Debt Hits $21 Trillion

MAR 18, 2018

  Just three months into the delay? You know we're headed now, this is the best that I can do is show everyone that there is going to be some real changes forthcoming if not sooner. Were a Trillion over our limit to pass on March in 2019 then we still have the same amount plus more as we always pay. But, I suspect a default meaning pensions, 401K's, savings all retirements plus social security to be stopped! Between now and then maybe a true World War Three so everything is restarted. After all, China and all others can stop sending anything on credit as it is now to the United States, and they will still have enough trade to continue without the USA assistance. But, what do I know, too old to think as fast any longer?

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