U.S. national debt surpasses $31 trillion

Debt continues to rise. For the first time ever, the total size of the national debt exceeds $31 trillion.

Rick Newman from Yahoo Finance has now joined us and has the specifics. Naturally, Rick, there has been much discussion over whether or not this is important and how much attention should be given to it. 

Analysts have predicted a debt catastrophe similar to the one that occurred ten trillion dollars ago.

Of course, it hasn't occurred yet. And if that ever does happen, look at what recently occurred in the UK for an example of how it might go down. They reduced taxes, I mean.

The market expressed its disapproval of the current budgetary scenario.

Bonds soared. The government had to respond and say, "Hey, we take it back" when people decided to leave the UK. We won't be doing it any longer.

US interest rates will increase if there is ever a debt crisis brought on by the US government's excessive borrowing.

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