The exploding federal debt.

If we don't stop our out of control spending, we'll become Greece!  Oh wait.

Not that we won't eventually hit the debt ceiling this year, but the date has been pushed back to Fall.  As you can (sort of) see, we actually have lower total debt right now than roughly two months ago.

As a matter of fact, it was April 30, 2013, when we peaked at $16,828,845,497,183.90.  Yesterday, June 19, 2013, our federal debt was $16,738,642,755,073.30.

We owe $90,202,742,110.60 less, yesterday, compared to April 30, 2013!

So where did that come from?  A good chunk of it was the sequester, but also, as the CBO duly noted and as we've seen in the BEA data, income tax revenue has increased substantially as the economy has recovered.  Problem is, the bulk of the sequester really hits during the Summer and through September (the end of the federal fiscal calendar year).  If we're lucky and the economy heats up enough to absorb spending cuts without sending us back into near-zero growth or a shrinking economy, we might get to put off the debt ceiling for another few months.