This is for committed obligations that we don’t have the wherewithal to pay for right now.
Each U.S. household currently has a $550,000 in debt obligations.
http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm
How much is a Trillion dollars? Here’s what $700 Billion looks like.
Want to understand why it’s this much? Watch this: Link
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