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We've already gone past the first deadline to default, and essentially we're heading towards economic oblivion after August 2nd. But as Kevin Drum makes clear:

A reminder for everyone writing about the debt ceiling games: We don't reach the debt ceiling on August 2nd. We reached it two months ago, on May 16th. Treasury has been playing games ever since ("borrowing" from pension funds, suspending securities that help states manage their finances, etc. etc.).

August 2nd is merely the date when the games run out and we actually stop paying some bills. But just for the record, Congress blew through the debt ceiling long ago and has been mucking around ever since.

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