Forget about the debt-ceiling. When will the lenders impose a lending-ceiling is anyone's guess. Imagine this happening in Singapore:
For fiscal year 2013,
Tax revenue is about $2,700,000,000,000.
Spending is about $3,500,000,000,000.
To keep the government in cash during fiscal 2013, which ended on Sept. 30, the Treasury had to borrow $8,323,949,000,000 in new debt.
The government's single largest expense in fiscal 2013 was paying off $7,546,726,000,000 in debt that matured during the year.
For the first 6 weeks of fiscal 2014 (started Oct 1, 2013), the Treasury had already borrowed $1,014,215,000,000. It needed to redeem $879,734,000,000 in maturing debt during the first six weeks of the fiscal 2014.
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