As the country's debts reach the cap of $14.29 trillion, US Treasury has put in place a few firm and urgent steps in order to save the nation from falling into a debt trap and non-payment of its own debts.

Timothy Geithner, the Secretary of the Treasury of US has cautioned that disastrous financial results will take shape if the debt ceiling is not increased for which discussions are already going between Joe Biden, Vice President of US and the Congressmen.

He cautioned that if the upper limit of debts is not increased then it would lead to dangerous long lasting effects on the country's financial condition as the nation would fail to render its own commitments like paying its service associates, populace, shareholders and industries thus resulting in a considerable decrease in the pace of growth and shoot up the unemployment rate.

It has been described as an unparalleled occurrence in the history of United States wherein the government's credibility and trustworthiness would be put to test. This event is also feared to create a bad name for the country in the credit market where investors will become reluctant to lend in the coming times.