Federal Debt At Record High Of Almost $547K Per Household

I personally don't see it going down anytime in the near future. This is before all the trillions Obama has been spending lately.

Leap in U.S. debt hits taxpayers with 12% more red ink

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

"We have a huge implicit mortgage on every household in America — except, unlike a real mortgage, it's not backed up by a house," says David Walker, former U.S. comptroller general, the government's top auditor.