Folks, the national credit card is about to be revoked.

Christian Weller at ThinkProgress

(The U.S. current account deficit widened to a record $225.6 billion in the third quarter, officials announced yesterday. Below, American Progress Senior Economist Christian Weller explains why it matters.)

The greatest current threat to our standard of living is the current account deficit, which now stands at a whopping $225.6 billion in just the third quarter of 2006. This is the equivalent of 6.8 percent of our gross domestic product (GDP). Current account deficits above 5 percent flash a threat level of “red” to economists.

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