Et tu, Washington: Treasury will employ creative accounting to avoid default

February's $76 billion budget deficit means that, for the first five months of its current fiscal year, Washington is in the red to the tune of $69.4 billion. Last year at this time, it was nearly $26 billion in surplus.

By itself, this is no big deal. After all, the government's budget has been in the black each year since 1998.

However, the current fiscal year's slug of red ink pushes Washington up against its so-called borrowing limits, and herein lies the tale.

The government's debt outstanding at midweek totaled $5.94 trillion. Its borrowing limit, which is set by Congress, is $5.95 trillion -- only $10 billion higher.