U.S. Debt Passes $14 Trillion

CBS News / 1day 21hrs ago

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Debt Limit, Senate, Spending Cut, Domestic Spending, House Speaker, Financial Meltdown, Budget, Deficit, Congress

National Debt: Like this Story? Share it: (AP) WASHINGTON - The United States just passed a dubious milestone: Government Debt surged to an all-time high, more than $14 Trillion.

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That means Congress soon will have to lift the legal Debt Limit to give the nearly maxed-out government an even higher credit limit or dramatically cut spending to stay within the current cap.

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Either way, a fight is ahead on Capitol Hill, inflamed by the passions of Tea Party Activists and Deficit hawks. Today's Debt level represent...