The United States Income Statement

This year, Americans watched as the national debt rose to $14.7 trillion, nearly matching the GDP. A tumultuous Congress passed the Budget Control Act of 2011 to raise the debt ceiling on the condition that the federal government decreases future spending. Despite the last-minute compromise, Standard & Poor’s downgraded the US credit ranking from an AAA to an AA+ immediately afterward, insinuating that the US is no longer the world’s safest borrower. After three years of recession, the US failed to reign in federal spending and agree on a sustainable budget.