I say we hit it sooner. I know it's impossible at the moment but I would not be suprised to read that the Treasury Department taps the New York Fed. Bond Issuances is taking money out of equity and credit markets, where they belong. You're better off printing money.
Welcome to the final outcome of Reaganomics. The bill is now due. Like the rest of the world has done at one time or another, we will only get on with capitalism 3.0 when we default all the current debt and redesign the system. But it will take roughly another year for most to realize this. You cannot inflate it away, inflation will not work in an asset deflationary environment of rising unemployment and bankruptcy. Capitalism 3.0 coming in the two-thousand-teens!!!!
<IMG SRC=http://research.stlouisfed.org/fred2/fredgraphfile/?height=378&width=630&bgcolor=%23B3CDE7&txtcolor=%23000000&recession_bars=On&s[1][id]=BASE&s[1][transformation]=pc1&s[1][scale]=Left&s[1][line_color]=%230000FF&s[1][range]=Max&s[1][cosd]=1984-02-15&s[1][coed]=2008-10-08&s[1][revision_date]=&s[1][vintage_date]=2008-10-14> Liquidate everything. Ridiculous.