No. Bankruptcy is a matter of income being too little for debts. The USA has a huge debt, but also a huge annual income. It would be wise to reduce the debt. In fact, it would be wise to pay it off and build up a surplus for a rainy day. But, that doesn't mean that going into debt will result in bankruptcy any more than an ordinary person running up a credit card debt means that he will have to declare bankruptcy.

The NY Times recently ran an online thing where you could choose from likely political choices to balance the budget. I found it was easy. The problem is the Republican dogma against raising taxes. Taxes were slashed too far during the last 20 years, they need to be restored to the levels of the 70's at least, and would be better at 50's levels.

While it is easy to find a lot of sources claiming we are bankrupt, including Ron Paul, Republican Senator from Texas, the most often quoted and seemingly sensible source is an article by Laurence J. Kotlikoff, "Is the United States Bankrupt". Federal Reserve Bank of St. Louis Review, July/August 2006, 88(4), pp. 235-49.

Kotlikoff asserts that we are not, but that the danger is there and it is real. He does not take the easy way out and point fingers at one political party or policy, but develops a comprehensive suggested plan of attack, including productivity growth, capital deepening, tax reform, Social Security reform, healthcare reform, and spending cuts.

While it is doubtful that many will agree with every point Kotlikoff makes, perhaps the overall feeling of urgency is something we should all take away from his article. If we don't do something soon, and something BIG, we are going to be in more trouble than we ever dreamed possible.

The time for the childish blame games and finger pointing is way past, not that it will stop childish haters from continuing to do so while the country collapses around them. I suppose they will take comfort in the fact that, by their tabulation, they scored more political points that thier opponents (or is it enemies?). The neccessary thing is to ignore the blamers and demand fixes.

Source:
http://research.stlouisfed.org/publications/review/06/07/Kotlikoff.pdf
http://www.ronpaul.com/2010-03-22/ron-paul-national-bankruptcy-will-repeal-obamacare/

No, America will survive this economic crisis.

The key to reducing debt to to create fair wage paying jobs. By creating jobs you bring more money into our system.

You can cut spending all you want, but first get Americans back to work.

we need to reinstate the clinton-era tax code.

what incentive do the rich have to create jobs when they keep extra for doing nothing?

our current tax structure will keep us in debt in perpetuity.