we are at 24 percent GDP and Italy has 120 percent GDP. I doubt that we will be like them anytime soon. However another thing is that we recognize the problem and are working it. Italy waited until they were beyond trouble.
I think you're way off on that. More like 100%.
Take a look here.
http://www.usgovernmentspending.com/federal_debt_chart.html
or here:
http://www.foxnews.com/politics/2011/08/04/us-debt-reaches-100-percent-countrys-gdp/
We are very deep in heap big pile of crapolla.