01/31/2011 09:25 am ET | Updated May 25, 2011

U.S. National Debt Is Huge, But It's Not A Catastrophe

With Congress soon to face a decision about whether or not to raise the federal debt ceiling, the question of how we should deal with the $14.08 trillion U.S. national debt has come into focus again.

Former Minnesota Gov. Tim Pawlenty, who will probably seek the Republican president nomination in 2012, has gone on record in an op-ed column in The Washington Post opposing the debt-ceiling increase.

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