It's not a good situation for sure, although I thought the ultimate date was sometime in early August:
Treasury Secretary Timothy Geithner has said that while he can juggle accounts for a time, he will run out of options for avoiding default by early August.
http://www.bloomberg.com/news/2011-05-15/obama-says-debt-default-may-unravel-global-financial-system.html
Whatever, they'll have to come to agreement sooner rather than later.
