Timothy knows what is coming, and he is actually scared. You should be also. The total national debt is a record $14 trillion and nearly half of it was run up over the past six years. In a letter to Congress, Geithner said the current statutory debt ceiling of $14.3 trillion, set just last year, may be reached by the end of March -- and hit no later than May 16. The following is an excerpt from the letter which the whole letter can be read here at "•The Treasury would be forced to default on legal obligations of the United States, causing catastrophic damage to the economy, potentially much more harmful than the effects of the financial crisis of 2008 and 2009. •A default would impose a substantial tax on all Americans. Because Treasuries represent the benchmark borrowing rate for all other sectors, default would raise all borrowing costs. Interest rates for state and local government, corporate and consumer borrowing, including home mortgage interest, would all rise sharply. Equity prices and home values would decline, reducing retirement savings and hurting the economic security of all Americans, leading to reductions in spending and investment, which would cause job losses and business failures on a significant scale. •Default would have prolonged and far-reaching negative consequences on the safe-haven status of Treasuries and the dollar’s dominant role in the international financial system, causing further increases in interest rates and reducing the willingness of investors here and around the world to invest in the United States. •Payments on a broad range of benefits and other U.S. obligations would be discontinued, limited, or adversely affected, including: ◦U.S. military salaries and retirement benefits; ◦Social Security and Medicare benefits; ◦veterans’ benefits; ◦federal civil service salaries and retirement benefits; ◦individual and corporate tax refunds; ◦unemployment benefits to states; ◦defense vendor payments; ◦interest and principal payments on Treasury bonds and other securities; ◦student loan payments; ◦Medicaid payments to states; and ◦payments necessary to keep government facilities open." -Source http://www.treasury.gov/connect/blog/Pages/letter.aspx

Well everyone should be and the reason why is this, now that the 2010 elections have sensible statesmen in office, raising the debt limit for more spending is basically another kick of the can down the road. Republicans are or should be firm in standing pat by saying no more. One day it all has to end just Timmy G and Big O doesn't want it to crash on there watch. The federal Reserve institued QE2 and raised every single household good price by almost double, now the U.S is facing default and it is only going to get ugly. If American continually raises the debt ceiling when is enough enough? trust me i do not want the U.S to default, noone does, the ramifications of a default would change everyones every day lives, for a long time. However, sooner or later somone has to pay the piper. Lessons need to be taught that you cannot borrow more to repay crooked financial loans that were borrowed from others etc etc....Stock up and be prepared, it will be a rocky road soon