For the first time ever, the US national debt has topped $14 trillion, officially passing the threshold on the last day of 2010.
In a mere seven moths the debt jumped from $13 trillion to $14 trillion, which means the debt is approaching the ceiling of $14.294 trillion set by
Congress and President Barack Obama this past February.
This means the US will either have to raise the ceiling, make sever spending cuts and/or default on its financial obligations. Over the past three
years that ceiling has been raised six times.
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