Write an APA 6th ed. formatted paper, 4-6 pages long and describe how big is US national debt and describe its history? There seems to be a surge in national debt during the GW Bush and Obama administrations. Why is that? What are the consequences of a large national debt? Is it going to hamper the economic growth as some have claimed? Is it possible for the US to default on its debt in the future? Explain. Why the Nobel winning economist Paul Krugman was not as alarmed as many others are with respect to the high level of US national debt?