Economist Stephen Guilfoyle discusses the U.S. facing $16 trillion in debt and the likelihood of the FOMC taking stimulus action next week.

The U.S. national debt passed the $16 trillion mark on Tuesday. In addition, data released this week showed manufacturing in the United States shrank at its sharpest in more than three years in August, while U.S. construction spending in July fell by the most in a year.

The all-important payrolls report due Friday will also be closely watched. The employment report will be the final major economic report before the Federal Open Market Committee meets next week.