The National Debt Clock hangs on a wall next to an office for the Internal Revenue Service near Times Square in New York

 
The National Debt Clock hangs on a wall next to an office for the Internal Revenue Service near Times Square in New York
The National Debt Clock, which displays the current United States gross national debt and each American family's share, hangs on a wall next to an office for the Internal Revenue Service near Times Square in New York May 16, 2011. The Treasury Department said the nation had hit its $14.294 trillion debt limit -- a milestone that has little practical impact beyond injecting a note of urgency into the debate over taxes and spending that has dominated Washington this year. REUTERS/Chip East (UNITED STATES - Tags: BUSINESS POLITICS)