Yet another media buzzword to scare the shit out of everyone. Then again, what you all call the largest economy in the world is really just the biggest debt hole ever dug... so ya, your all pretty much fucked
I'm no political or economical expert by anymeans, but eventually that much debt has to bite someone in the ass.
I'm thinking it will be just like Dec 21, 2012... nothing. Media loves to scare people to create a dramatic story and politicians will do anything to scare people into leaning toward their side.