Yes, BIG problem for the US. Your county isn't $16 trillion in the hole. The US REAL debt is closer to $65 trillion in the hole. To put it bluntly, the US govt would have to sell off 100% of their holdings/assets. Every single corporation in America would have to sell off 100% of their assets. Every other business in America would have to sell 100% of their assets, and about two-thirds to three-quarters of the population would have to sell off 100% of their personal assets just for your country to break even. And that doesn't even touch the deficit.
The US might have something like 40% of the world's wealth, but it owes 99.9% of that in debts.
But...but...if we stop producing oil, we'll be helping to save the planet.