Previously, America has set the bankruptcy line not to exceed 14.3 trillion dollars. However, on 16 May 2011, the figure debt has breached the mark. Currently at this time, the debt stands at 14.39 trillion, which you can see real-time at the U.S National Debt Clock.
America has been trying many ways to stay afloat. On breaching the debt cap, America has owed its citizens, investors, pension funds, etc.. the money. What was unprecedented is a rich nation like America starts asking financial aid from the IMF. Usually, it would be the poor countries otherwise. However, the actual news of recently resigned IMF chief Dominique Strauss-Kahn was never revealed, except that Strauss-Kahn was in America in a round of talks with the US government on whether the IMF can help them on a financial bailout.
Officially, last Monday, America has gone bust. They tried to get IMF to help as their last hope, but the IMF snubbed them. And then look at how things unfold:
"On the weekend (May 14 and 15, 2011) prior to this historic event the US government and the IMF chief were engaged in behind closed doors negotiations for an IMF financial bailout of the US government. IMF chief Dominique Strauss-Kahn, a French citizen and political opponent of French president Nicolas Sarkozy for the French presidency, was in the US for this meeting. The Obama government failed to secure funds from the IMF chief. In retaliation the US government immediately launched a pre-planned smear campaign against the IMF – IMF head Dominique Strauss-Kahn."
Read more here.
Speaking of which, there have been people that parallels Strauss-Kahn's rape case with Anwar Ibrahim's sex case here. It may be similar at the first glance. Some have asked Anwar Ibrahim to do the same thing as D.S.K here by leaving, but there is more layer to be seen instead of the first. If you can read the story, then you can see the picture - more than what it seems.