The U.S. Treasury is once again set to reach its borrowing limit. But this time around, it might not spark quite the same debates in Washington as last time around.
As of now, the markets are still going on despite the likely lack of a deal in the super committee this week. But much of that depends on the situation in Europe, which could turn around.
It was just last week that President Obama criticized the Europeans for not solving their debt issues. But it looks like we aren't faring much better here in the U.S.
The super committee has until Wednesday to reach a debt deal, but it is looking increasingly likely that real decisions won't get made until after the elections of 2012.
As it looks more and more likely that the super committee will fail to reach a deal, a look back at previous attempts to solve the debt crisis.
We speak to Jill Schlesinger of CBS/Money watch about what the ratings agencies are expecting from the government's finances in the coming year.