In the USA, this charade could potentially go on for a decade. The defining and perhaps ultimate moment will be when the government income revenue cannot pay the interest on the debt. Game, set, match...however, there is everybody else in the world.
Europe and Japan and perhaps China. Every country worthy of note is over-extended in one way or another. As one country after another implodes economically, the likelihood of a cascading effect goes up and up. And when European banks collapse, the USA is not far behind. When the USA collapses, the whole FReeping world will collapse, including China (who will be left to invest there?).
Then there is the ever lovin' black swan event, the mysterious and large unknown/unseen catastrophe (i.e. 9/11, tsunami, etc.). Spring of this year just might be a good time for that, like you say.
The politicians think they will skate off to some retreat while the proverbial fires are raging. I have a reluctant prediction that some of them will not get to their retreats.
There you have it. My completely amateur analysis.