The US had a debt ceiling crisis from May until July 2011, when the situation was resolved by the debt vigilantes backing down. The debt ceiling was raised from $14.294 trillion to $16.394 trillion in 3 steps.
Well, the nation's credit card will be maxed out again, probably by about October 1, and the battle to raise the debt limit will begin again. But that's not all: the Bush tax cuts will also expire and ObamaCare taxes will kick in. The mortgage interest deduction may disappear, and if so, expect house prices to drop even more. The extra taxes will spent just as fast as they come in. If Obama wins, he will claim a mandate for his policies.