The first step to get yourself out of a hole is to stop digging, but that’s a lesson the federal government refuses to acknowledge, allowing the national debt to soar past $14 trillion.

The U.S. Treasury reports more than $9 trillion is owed to the public, while the rest is locked up in intragovernmental holdings, which include the Medicare Trust Fund, the Social Security Trust Fund and Federal Financing Bank securities.

We can pass a hat around and have every adult and child in the country toss in more than $45,000 and that should cover it.

The Debt to the Penny and Who Holds It [U.S. Treasury via AOL]

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