The question is just how bad.
Enter Mark Steyn, who crunches some numbers as he describes the degree of US debt and attempts to puncture the cocoon of denial:
Ring out the new, ring in the old. No, hang on, that should be the other way around, shouldn't it? Not as far as 2011 was concerned. The year began with a tea-powered Republican caucus taking control of the House of Representatives and pledging to rein in spendaholic government. It ended with President Obama making a pro forma request for a mere $1.2 trillion increase in the debt ceiling. This will raise government debt to $16.4 trillion – a new world record! If only until he demands the next debt-ceiling increase in three months' time.