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IPFS News Link • Economy - Economics USA

US households already went off their fiscal cliff and breached their debt ceiling

12-09-2012 • http://chrisinmaryville.net/

Few people realize that the debt ceiling is aligning right on track with the fiscal cliff. Total public outstanding debt is now at $16.369 trillion and is only $63 billion away from breaching the limit. Not a coincidence that the fiscal cliff is also on the horizon. In essence, we are addicted to debt. However US households have been on a multi-year long process of deleveraging yet this is not being asked from banks or governmental institutions.

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Reported By Chris Menke

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