The financial press is abuzz again about the debt ceiling deadline and the risks of another government shutdown and perhaps a catastrophic default on U.S. debt if an agreement cannot be reached. The ceiling (currently sitting at $31.4 trillion) is set to be hit on June 1.
 The Washington Post is particularly apoplectic,
“Federal workers furloughed. Social Security checks for seniors on hold. Soaring mortgage rates. A global financial system sent reeling… 
“Leaders from Congress and the White House are trying to forge an agreement to lift the federal debt ceiling, with only a few weeks before the Treasury Department may no longer be able to avert an unprecedented U.S. default. If they fail, and the government can’t meet its payment obligations, economists and financial experts predict chaos.
“’It would be a lethal combination,’ said Mark Zandi, chief economist at Moody’s. ‘You can see how this thing could really metastasize and take down the entire financial system, which would ultimately take out the economy.’”
Well, that sounds rather bad. So, is this something real estate investors should be concerned about, and if so, how should one prepare?
Let’s first start with a quick overview of what’s going on and how such “fiscal cliffs” have gone in the past. 
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