The United States can no longer borrow money, as of this Monday morning, May 16th.
http://tpmdc.talkingpointsmemo.com/2011/05/us-to-hit-debt-ceiling-imminently.php?ref=fpblg
As the Treasury department has been warning -- and as House Republican leaders have promised-- the United States hit its debt limit Monday morning. The government can no longer meet its obligations by borrowing more money. And since incoming revenues aren't sufficient to pay for the services Congress has ordered and for interest payments on existing debt, the Treasury department is taking a series of ever-more extraordinary measures to pay all of its bills.
It can get away with this, according to Secretary Timothy Geithner, until August 2. If Congress doesn't lift the debt ceiling by then, the country will default, triggering a number of severe economic consequences.
Already, Geithner has stopped issuing securities to states that help them keep their books in balance and maintain infrastructure. Today, the government will defer payments to and investments in federal pension funds -- pensions Republicans want federal workers to pay more money into than they currently do.
But despite these difficult measures, you won't get the impression that time is of the essence from congressional Republicans.