Is the US legit bankrupt?

I actually think it's closer to 14 trillion and going up. If I remember correctly, Congress either just raised the debt ceiling or will do so in the very near future. I totally agree with you, however you can't just shut down the U.S. Government. Congress and the President really have to get their act together and cut down on all of the wasteful spending, our military spending needs to be cut back, we need to stop all of the foreign aid, even the size of the government can stand a little trimming. It's getting so other countries are afraid to buy our debt, on the off chance that we default. SandP just put a negative outlook on our long term debt, while we are not bankrupt yet, we are well on our way to becoming a third world country, and if our greedy, corrupt politicians don't do something soon, it will come to pass.