Debt Wall at $15 trillion to hit at end of 2015

Is there a "debt wall" that will be hit when Debt Held by the Public hits $15 trillion?  Not to say that we can't push through, but it will be at a much higher cost.  (And by the way, the total National Debt will be about $20 trillion at the same time, although I don't think it matters as much as Debt Held by the Public.  But it will be an additional "psychological barrier").

The CBO report projects this happening sometime in 2018.  I think it will happen sooner, about 2016.  Right now, this amount is at $11.6 trillion.  So $3.4 trillion to go.

Just for grins, I will put an exact date on it.  Let's call it December 31, 2015. 

What do I expect to happen about that time?  Basically, a junior "day of reckoning".  The can-kicking will be stopped by the wall.  And in the words of the CBO:  "Higher costs for interest eventually will require the government to raise taxes, reduce benefits and services, or undertake some combination of those two actions."  I think "eventually" will be that date.  When interest exceeds $500 billion/year, it will be almost impossible to make a dent on reducing the deficit.

So let's see what happens.  I've basically already discounted sequestration, but if sequestration kicks in, that date will be pushed out.

Disclaimer:  My track record on forecasts is horrible.

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The OMB projects that Debt Held by the Public will be $14.98 trillion at the end of FY 2016, which is Sept. 30, 2016, and they project Net Interest to be $570 billion in FY2017.  So they are really showing the same thing, but 9 months later.