On July 18, 2011, CNBC.com represented that the total gold reserves of the U.S. equal 8,965.6 tons and would be valued at approximately $459 billion in today's market.

There is some confusion as to exactly how much gold the United States possesses. Many fear that the United States does not possess as much gold as commonly believed, or that it is encumbered in some fashion.

Rep. Ron Paul (R-Texas), a longtime critic of the Federal Reserve and U.S. monetary policy, has stated that he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank. Paul is calling for an independent audit of U.S. holdings of gold.

Let’s assume the United Stated has the gold and that it is worth CNBC.com’s figure of $459 billion.

This weekend, the United State’s Senate is reported to be "very close" to reaching a last-minute deal that could raise the U.S. debt ceiling by up to $2.8 trillion and assure financial markets that the United States will avoid default, according to NBC News. If successful, lawmakers will be concluding that it is in our country’s best interest to raise the U.S. debt ceiling by over 6 times the current value of our gold reserves.

Furthermore, if history is a guide, we all know that in a few short years, the debt ceiling will be hit again and they will have to raise it again. Since 1962 alone, Congress has raised the federal debt limit 74 times.

The massive debt that the United States is accumulating increases the probability of a future economic crisis in our country. Why are we continuing down this path instead of taking all possible steps to reduce our national debt?

I believe the conduct of our elected leaders is shameful at best. What price will we pay for living beyond our means for such an extended time period?