It looks like the debt ceiling will be hit soon - late september/early october unless congress and the president act to raise the ceiling.

It does sound like there are some accounting gimmicks that could be used to extend until mid november.

Treasury formally asks to have U.S. debt ceiling raised - Aug. 2, 2004

Snow seeks hike in U.S. debt ceiling Treasury Secretary says the U.S. debt will hit its $7.384 trillion limit by late Sept., early Oct. August 2, 2004: 5:37 PM EDT

WASHINGTON (Reuters) - Treasury Secretary John Snow on Monday put the ball squarely in Congress' court on the debt ceiling issue, warning lawmakers that the U.S. government cannot not be financed past November unless they raise the limit.

In a letter sent to Capitol Hill leaders, Snow said the debt subject to the $7.384 trillion limit will be hit "between late September 2004 and early October 2004." Even if the government takes certain accounting maneuvers to stay beneath the ceiling, as it has done in the past, Snow said, "we can finance government operations no longer than mid-to-late November 2004."