As 2011 came to a close, the US national debt remained above the countries GDP numbers, validating that the Federal government owes more money than the nation takes in. That, in no uncertain terms, equates to being bankrupt.
On top of this, the government has blown through the $1 trillion allotted to it by Congress back in August, and is within $14 billion of reaching the mandated debt ceiling once again.
Chart courtest of Zerohedge
At what point does the entire system seize up and default? That is the question of confidence remaining for the US, the dollar, and the reserve currency.