This headline across the Reuters newswires shows the huge problems which the US is faced with.
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AUTOREFRESH 
The untold story is the plunge in tax revenues, or the ability to service short term debt, the off balance sheet implicit guarantees of Fannie Mae that should be added to the debt, and whether they will begin bailing out states like California (or rather the bondholders of states), which should also be added to the debt figure if so.