National Debt = Great Recession 2.0

Treasury Secretary Timothy Geithner has warned that the U.S. government may hit the $14.3 trillion debt ceiling by March 31. He wrote in his January 6 letter to congressional leaders that "failure to raise the limit would precipitate a default by the United States." As of December 31, 2010, debt held by the public was around $9.39 trillion, approximately 64.5% of GDP. Total debt held by both the public and the government itself was $14.03 trillion at around 96.5% of GDP, up from 57% of GDP in 2000. For fiscal 2011 the Congressional Budget Office (CBO) projects a federal budget deficit of $1.15 trillion. This great visual from FT.com (below) illustrates the U.S. debt...

Source:
http://article.wn.com/view/2011/01/23/National_Debt_Great_Recession_20/

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