THE REAL DEBT CEILING IS JUST ABOVE YOUR HEAD.

We have The Wall Street Journal to spread the news.  "America’s Bonds Are Getting Harder to Sell."

A series of weak auctions for U.S. Treasurys are stoking investors’ concerns that markets will struggle to absorb an incoming rush of government debt.

A selloff sparked by a hotter-than-expected inflation report intensified this past week after lackluster demand for a $39 billion sale of 10-year Treasurys. Investors also showed tepid interest in auctions for three-year and 30-year Treasurys.

Stephen "Vodka Pundit" Green notes, "Other than 'I told you so,' I’m not sure what else to add."

I warned you.

Never mind that partisan wrangling about the debt ceiling.

The crisis has not been averted, it has only been deferred.

What is the real debt ceiling?  The value of the federal debt beyond which bond traders will not buy Treasuries.

When will the day of default be?  Nobody knows the day or the hour.

The hour might not yet have come, but ominous signs appear.

Buckle in.