Current law says Uncle Sam cannot borrow more than $14.3 trillion. A few months back, the Obama Administration demanded that Congress increase the national credit line by $2.5 trillion by May 16, or else, it warned, the United States would default on its debts, causing an “economic Armageddon.” ($2.5 trillion is just enough to aver the need for another debt hike until after the 2012 election.)

When May 16 came and went, and nothing happened, the Obama team set a new “Armageddon” date: August 2.

Unfortunately, a lot of folks in Washington and Wall Street – including some who should know better — seem to be taking this new deadline at face value. While it’s true that, at some point, the government will hit the ceiling and have to reduce spending by about 40 percent, exactly when that day will arrive, nobody knows for sure. And don’t believe anyone who tells you he does know. “No man knows the day or the hour.”