But we’re not there, at least not yet. From WaPo:
Follow the link and click on the graphic to see the trajectory for the federal debt. We will not have run out of other people’s money until the other nations of the world stop lending to us. That day is coming, IMO, and you should prepare for it.
- The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
The author of the quote is Margaret Thatcher.