Nine trillion dollars in debt
They note that it took from George Washington to Ronald Reagan to reach the first trillion in debt; the next $8 trillion has all been added on in the last 20 or so years.
While this debt was incurred at the federal level, and the feds supply less than 10% of education spending to K-12 education, there are still implications. Unless we start to see some fiscal discipline, I'm not worried about the feds cutting their contributions; however, this level of debt is weighing more and more on the value of the dollar, with even supermodels refusing to get paid in US currency.
A weak dollar has lots of implications, not many of which are good for the economy, which in turn hurts funding at all levels of government.