2. The US Government is in debt to the tune of US$14 trillion. He wants to borrow more in order to repay the loans. If he cannot repay he will be in default. When a country fails to repay loans, it will be declared bankrupt just like anyone else.
3. What is one trillion dollars? We write it down as one billion with three additional zeros after it. Thus 1,000,000,000,000. It is not such a big figure. You add three zeros or three nothings and the figure increases by 1,000 times. But if we write down one billion as 1,000,000,000 one thousand times, we will have a better idea of what one trillion means. We would be horrified at the size of one trillion if we write the figure 1, one trillion times, which really is what one trillion means.