National Debt Surpasses $14 Trillion

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The national debt hit another milestone, crossing $14 trillion on the last day of 2010.

The U.S. Treasury website reported that as of last Friday, the national debt stood at $14,025,215,218,708.52.

The debt is the sum of all the federal deficits in U.S history.

Every month that the U.S. government runs a deficit, it adds to the national debt. The debt has gone up $1 trillion in the last six months alone.

The national debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama in February 2010.

Many incoming congressional Republicans have promised to curb the nation's spending, even as the debate has started over whether to raise the congressionally mandated debt ceiling once again.

White House economic adviser Austan Goolsbee warned Monday that failure to do so would be "catastrophic," with a government shut-down inevitable.

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