WASHINGTON - January 3, 2011 (PNN) - The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by illegitimate President Obama last February.

The federal government would have to stop borrowing and might even default on its obligations if Congress fails to increase the debt ceiling before the limit is reached.

Some Republicans in the new Congress have said they'll seek to block an increase in the debt ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.

White House economic adviser Austan Goolsbee warned yesterday that it would be catastrophic if the U.S. government were to default on its financial obligations. "That would be the first default in history caused purely by insanity," said Goolsbee of plans to block an increase in the debt ceiling.

Ed. Note: It is insane to continue to raise the debt ceiling while not insisting on firm commitments to reduce spending. It would be better to allow everything to collapse than to increase the debt ceiling indefinitely and without any spending cut agreements.