This is kind of funny. But really scary.
On Treasury’s “debt subject to the limit page,” you can see where in time the debt ceiling was eliminated/suspended. For reference, under the most recent debt deal, the debt ceiling has been suspended until May 19.
Our guess is that it’s 50/50 whether it will ever be reinstated, depending on how House Republicans play their hand. All Harry Reid and Obama have to do is threaten default once again if the debt ceiling “suspension” is not “extended” forward indefinitely, and one imagines Republicans would fold like a cheap tent.
Here is the image. Now it’s just growing unabated: http://www.treasurydirect.gov/govt/govt.htm#tab1