This week, our nation's public debt topped $16 trillion, an increase of over $5 trillion, since January 20, 2009. To put that in perspective, the debt is equal to $50,955 for each person and $134,946 for every household in the United States. The debt is now greater than the current Gross Domestic Product (GDP) of $15.094 trillion, a measure of all that is produced in the economy.
The debt ceiling, currently set at $16.394 trillion, is a cap set by Congress on the amount of debt the federal government can legally borrow. It appears inevitable that within a few months, Congress will have to vote again on whether to increase the debt ceiling.
Our debt and deficit problem in the U.S. has not gotten better - it has gotten worse. Failing to take action to cut current spending, restrict future spending, and improve federal budgeting will continue to worsen our nation's fiscal condition.