Well you know what I think about debts. It’s the “evil”, and piling up debt after debt is a sure way to loose really big.
It seems in the USA two countries are hard struggling to be the biggest loosers. California http://endoftheamericandream.com/archives/california-bankrupt and Illionois: http://www.newgeography.com/content/001360-is-illinois-bankrupt
The race is tight but it seems Illionois is more “broken” than California.
One even can read that partly IOUs were issued. http://blogs.moneyandmarkets.com/martin-weiss/california-defaulting-on-its-obligations-with-ious/429
And bills are left unpaid for months.
Now how long will it go on?