If the American Government is unable to raise the debt ceiling, it will be unfit to govern and I will call for the return of the King. But who owns your debt? Well, the US government owes itself $4.6tn. The remaining $9.7tn is owed to investors. These include banks, pension funds, individual investors, and state/local/foreign governments/ China owns $1.16tn, Japan: $0.91tn, and the British $0.35tn. Yep, you owe us. I think the Republicans need to man up and come to the table. Reagan and Bush were very naughty with deficit. This mess, like the recession, is theirs.