China Annexes US
Think again. China does not have the ability to lend that much money. $14 trillion is about 2½ times China's entire GDP. The last $2.6 trillion added came straight from the Federal Reserve. It will never be paid back because Timothy Geithner does not have the discipline (nor the integrity) to do so. A large chunk of the remainder came from Social Security tax receipts. They wrote it down on paper just to be able to make the Social Security Trust Fund balance sheet look good, but that money will never be paid back either.
At this point, all we can do from here is to balance our budget. Do that, and the remainder will take care of itself. If we continue on as we are going now, the debt that China holds will become worthless. Will they retaliate? Not any more so than they are already trying to destroy us. But the days of any one else financing America's debt is over. Once our national debt exceeds our GDP (which could happen this year), it will be nearly impossible to recover. And we can all thank Nancy Pelosi and Harry Reid for that.
Lets see, there are 1 thousand billion in 1 trillion....
And people get excited about CA 27 billion debt?
Are they joking?