Is the US in debt?

According to financial magazine Forbes, the United States of America has the largest burden of debt in the world, which only continues to increase. As of September 2014, the fiscal deficit of the United States exceeded $1 trillion.

While there are several reasons for the enormous debt of the country, much of the financial difficulty is attributed to the housing bubble burst and the stock market collapse of 1982. Another recession in 2008 served to further increase the amount of debt owed by the country. The Federal Reserve, however, indicates that the national deficit will soon begin improving and will continue to improve until at least the year 2020.