by Sheila A. Weinberg, founder & CEO, Institute for Truth in Accounting

Yesterday the U.S. Treasury Department announced that the federal government has reached new heights.   The deficit for fiscal year ended September 30 reached a record high of $454.8 billion and the government debt reached more than $10 trillion.  According to the Institute for Truth in Accounting's calculation on October 2 the nation's true debt reached the $57 trillion mark; more than $187,000 for each American. 

The Institute's true debt calculation includes the country's public debt, the liabilities owed to federal employees and veterans for retirement benefits, and the promises that have been made to seniors for Social Security and Medicare benefits.

The government is currently borrowing hundreds of billions of dollars to bailout the troubled banking and housing industries.  My question is who is going to bailout the federal government and every citizen when we can't borrow any more money?