The Federal government now owes over $20 trillion dollars to its creditors.
As you can see below, this is a massive problem no one seems to want to address.
I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt. If we run into such debts, we must be taxed in our meat and drink, in our necessities and in our comforts, in our labor and in our amusements.”
Source: Thomas Jefferson
What does 20 trillion dollars look like in stacks of $100 bills?
Here is the video.
Congress and the White House have until the end of December to raise the national debt limit before the federal government is faced with the prospect of either not paying its bondholders on time or deferring other bills.
Here’s a primer on the U.S. national debt, the debt limit and interest payments on the nation’s credit line: