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The fiscal cliff isn't as scary as the looming deficit and debt crisis about to swamp the country.

All eyes have been on the clear and present danger of the fiscal cliff—understandably—but there's a sound in the mountain range that's even scarier than the cliff. It's the sound made by an avalanche, the trillions of dollars of debt that's heading our way, gathering speed and mass. For most people, it's out of earshot now, and that's the way our government prefers to play it in its financial statements. Liabilities are not set out there in accordance with the well-established norms of the private sector, where this overhang of liabilities would set off alarm bells in the markets, with boards of directors in emergency sessions.

We'll come to why that's not happening, but let's consider first why we should regard our predicaments as gravely as any private company does on the path to bankruptcy.

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My Comment: I have seen how uncontrollable debt can adversely impact a country. Argentina, Greece, Spain, Iceland, etc., .... if the U.S. government cannot control it's spending, what happened to these countries will happen to the U.S..

Update #1: Geithner Tells Congress U.S. Reaches Debt Limit -- Bloomberg

Update #2: Why you should really be worrying about the Fiscal Cliff -- Peter Foster, The Telegraph