USA- Debt crosses $14 trillion mark.....

The amount of U.S. debt subject to the country’s legal maximum has topped $14 trillion for the first time. On Wednesday, the amount of debt subject to the cap hit $14.001 trillion at the close of trade, according to the daily Treasury statement released on Thursday.That means the country is less than $300 billion away from the $14.294 trillion debt ceiling, which is a cap on how much the federal government can legally borrow.The debt ceiling has become a focal point of the debate over spending and debt. Even though congressional leaders say the cap will be raised, Republicans are vowing to use the issue as leverage to force spending cuts.The Treasury Department estimates that borrowing could reach the cap sometime between March 31 and May 16, according to a letter Treasury Secretary Timothy Geithner sent to Congress earlier this month.If U.S. borrowing hits the ceiling and lawmakers fail to raise it, Treasury would be prohibited from borrowing more money. Barring immediate and draconian policy changes, the country would be unable to pay its bondholders or fund programs and benefits in full. That’s because there wouldn’t be enough tax revenue coming in to cover all of the country’s bills.Experts say the cascade effect would be crippling not only to the U.S. economy but very likely to economies and markets worldwide.At a minimum, a default could pummel U.S. bonds, the dollar and U.S. investors’ portfolios.