Facts about the debt

With the federal government closing in on its legal borrowing limit, President Obama and Congress are in the midst of an intense debate over the nation's spending and borrowing practices. Depending on how it plays out, may be a just a flash of partisan politics or a decisive turning point in American history. To understand what comes next, CBSNews.com takes a look back at 70 years of debt, spending and default in the American budget.

CBSNews.com special report: America's debt battle

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