the country s $13 trillion debt that risings steadily every day towards the federal debt limit. and it will reach that limit no later than mid-may unless the debt ceili inin ining is raised then. the president says, do it now, and republicans say, not unless big spending cuts are part of the deal. and everyone agrees, if there is no deal, the u.s. economy could really come crashing down. the consequences of not of failing to raise the debt ceiling would be armageddon like in terms of the economy. the impact on interest rates, on job creation, on growth would be devastating. steven pearlstein, the administration is talking in apocalyptic terms, literally, about what would happen if the debt ceiling were not raised and the u.s. defaulted on its obligations. they re not overspeaking, really? it would be cataclysmic. it would be cataclysmic on job markets, so, yes.