That's when an ultimatum expires that is known as the "fiscal cliff," which Democrats and Republicans set for themselves, after the dramatic failure of their budget negotiations in the summer of 2011, so as not to drive the world's largest government budget against a wall. If both sides can't agree to a joint solution, budget cuts and tax increases will automatically take effect on Dec. 31 that will massively reduce the deficit by $900 billion.

President Obama has announced he will veto any proposal that doesn't include higher taxes for the rich. Now the United States alone owes that much money to the world. And of course the rest of the world, they owe their governments too because they're all operating on deficit spending.

Ted Rudow III, MA