The American federal debt now tops $16 trillion, the Treasury Department of the United States said on Tuesday. The federal government now owes $50,000 for every man, woman and child in the United States.
How did the United States get into this mess? It started with George W. Bush, who in his second term grew the federal debt from $7.6 trillion to $10.6 trillion. In his first term, President Barack Obama has president over an increase to $16 trillion.