The current national debt is $31.381 trillion dollars. On Thursday, January 19th, The U.S. Treasury Department announced the United States has reached its debt limit and they would begin a series of accounting measures to keep the United States from breaching its borrowing cap. Treasury Secretary Janet Yellen sent a letter to Congressional leadership about the debt limit, saying, “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.” Newt’s guest is Thomas Hoenig. He is the former Vice Chairman of the Federal Deposit Insurance Corporation, former President and CEO of the Federal Reserve Bank of Kansas City. He is currently a Distinguished Senior Fellow at the Mercatus Center at George Mason University.