US risks default as it is quickly approaching its debt ceiling with over $14 Trillion in external debt

Debt in the US is as high as it has ever been.  It is now over $14 TT.  It is even above the numbers that are presented below on CBS.  Via CBS:

The latest posting today of the National Debt shows it has topped $14 trillion for the first time.

The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.

The federal government would have to stop borrowing and might even default on its obligations if Congress fails to increase the Debt Ceiling before the limit is reached.

Some Republicans in the new Congress have said they'll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.

White House economic adviser Austan Goolsbee warned yesterday that it would be "catastrophic" if the U.S. Government were to default on its financial obligations.
And for a full understanding of where your tax dollars go, see below.  Via Treasury:
Table A: Gross External Debt Position*: September 30, 2010

(Millions of U.S. Dollars)

General Government
Short-term
Money market instruments 755,645
Loans 0
Trade credits 0
Other debt liabilities
Arrears 39
Other 0
Long-term
Bonds and notes 3,472,711
Loans 0
Trade credits 0
Other debt liabilities 51,465
Monetary Authorities
Short-term
Money market instruments 0
Loans 0
Currency and deposits** 331,126
Other debt liabilities
Arrears 0
Other 0
Long-term
Bonds and notes 0
Loans 0
Currency and deposits** 0
Other debt liabilities 54,889
Banks
Short-term
Money market instruments 70,003
Loans 748,723
Currency and deposits** 1,499,670
Other debt liabilities
Arrears 6,643
Other 0
Long-term
Bonds and notes 262,995
Loans 56,350
Currency and deposits** 205,177
Other debt liabilities 0
Other Sectors
Short-term
Money market instruments 137,446
Loans 1,220,389
Currency and deposits** 212,370
Trade credits 53,601
Other debt liabilities
Arrears 109,765
Other 0
Long-term
Bonds and notes 3,746,660
Loans 257,917
Currency and deposits** 2
Trade credits 728
Other debt liabilities 0
Direct Investment: Intercompany debt
Debt liabilities to affiliated enterprises
Arrears 0
Other 355,214
Debt liabilities to direct investors
Arrears 0
Other 782,923

GROSS EXTERNAL DEBT * 14,392,451

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