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Gov't debt hits $14 trillion, all-time high

January 16, 2011 12:00:00 AM PST
Government debt has hit an all-time high topping $14 trillion, which equals $45,300 for each American.This means Congress will have to lift the legal debt limit by May to give the nearly maxed-out government an even higher credit limit.

The alternative is to dramatically cut spending to stay within the current cap.

Nearly half of our national debt was run up in just the past six years.