U.S. Debt Fears Rattles World Officials

Capitol issues: The government has a record $61.6trillion of financial promises not paid for after $5.3trillion of new financial obligations were added last year

U.S. Has Record $61.6TRILLION In Liabilities And Is Borrowing Astonishing $125billion A Month -- The Daily Mail

* Obama 'concerned' about recovery not producing jobs fast enough but says double-dip recession not a risk
* House Majority Leader ‘cautiously optimistic’ ongoing budget talks led by Joe Biden will produce agreement

We knew the U.S. economy's financial health and future was looking bad - but amazing figures show how rapidly it deteriorated even further last year.

The federal government has a record $61.6trillion of financial promises not paid for after $5.3trillion of new financial obligations were added in 2010.

This gap between spending commitments and revenue in the year gone by equals more than one-third of the nation's output, reported USA Today.

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More News On U.S. Debt Fears

Fitch: US Treasuries could be rated junk in August -- Reuters
Fitch: U.S. Risks Downgrade of AAA Rating -- The Street
Fitch Warns on Debt Ceiling, Too -- Wall Street Journal

China warns U.S. debt-default idea is "playing with fire" -- Reuters
China official: GOP 'playing with fire' with debt ceiling -- USA Today
US "playing with fire" on debt default-China cbank adviser -- Reuters

World on U.S. Debt Default: ‘Frightening,’ ‘Huge Panic Globally’ -- Advisor One
U.S. panic over potential debt default well-founded -- Neil Reynolds, Globe And Mail
Zombie spending and US debt -- Bill Bonner, Christian Science Monitor
The Economy Is Worse Than You Think -- Martin Feldstein, Wall Street Journal