U.S. debt tops 100% of GDP.
Think about that for a second. If, between now and August 4, 2012, everyone in this nation worked just as hard as they do now but did not take home a single penny, we could not pay off our debt. If we gave up food, shelter, paying loans, entertainment, everything, for a whole year, we would still be in debt.
Considerable debt, actually, since if all of our money went to paying the debt, there would be none for taxes. We would have to completely shut down the federal and all state governments.
And we would still be in debt at the end of it.
But at least we raised the debt ceiling. All is well.