evidence: Federal borrowing has essentially already hit the current debt limit of $31.38 trillion, though Treasury Secretary Janet Yellen has said she can use a variety of accounting maneuvers to postpone a government default for a few months. So far, neither the administration nor the House is budging from the positions they’ve staked out, so the standoff continues. [...] Most of this analysis deals with "total public debt outstanding," which excludes roughly $19 billion in debt issued by Fannie Mae, Freddie Mac and a few other government-sponsored enterprises. Of the nearly $31.46 trillion or so in public debt, about $73.5 billion is not subject to the statutory debt limit; most of that represents the accounting treatment of certain Treasury securities sold at a discount to their face value ($68.2 billion) and debt held by the Federal Financing Bank ($4.8 billion). [...] The federal government’s total public debt stood at just under $31.46 trillion as of Feb. 10, according to the Treasury Department’s latest daily reckoning. Nearly all of that debt – about $31.38 trillion – is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity.