This is the balance sheet from hell. And not a great fiscal legacy for Timothy Geithner. From the U.S. Treasury Department’s just-released Financial Report of the U.S. Government for Fiscal Year 2012 [PDF]...
...As of September 30, 2012, the Government’s total debt outstanding subject to the debt limit was $16.027 trillion, $367 billion below the current limit. As budget deficits continue to occur, the Government will have to borrow more from the public. Instances where the debt held by the public increases faster than the economy for extended periods can pose additional challenges.
I love that last bit: “Instances where the debt held by the public increases faster than the economy for extended periods can pose additional challenges.” Yup.
But don't worry, folks: Paul Krugman -- who won a Nobel Prize for his work advising Enron, if memory serves -- says America's fiscal house is in perfect order--and, in fact, needs more debt.