On Monday, Dec 18, by IkeArumba posted a diary with a simple yet ominous title: "The U.S. is insolvent." There weren't many folks who hopped on to read it, but on this fine Christmas morning I thought I'd re-introduce the topic.
The source article cited is a blog, here, which links to this report from the Treasury/OMB.
The overall "take away" from this is that taxes will need to be raised in order to cover the discrepancy. Go read IkeAruma's diary and comments, then check out the source blog article and the report.
Bonddad and other dKos Financial Wizards -- care to break it down over egg nog?
Consider this an Open Thread and have a safe, happy holiday.