If the United States is a nation of debtors, then there may be no greater debtor than the U.S. government itself. With the national debt approaching $12 trillion, creditors around the globe, and a history of debt reaching back 180 years, the United States may not seem like the best example to follow as you try to negotiate your debt—but there are some lessons to be learned.

1. Get your credit limit raised if you can. According to CNN, the U.S. government could reach its set debt limit as soon as November. This (rather arbitrary) limit is set by Congress, and has been raised more than 90 times in the last century—including the most recent adjustment in February, 2009. While you may have a little more trouble convincing your creditors to raise your limit, it’ll be worth the effort if you succeed.
2. Help out your friends. When the government bailed out several banks, General Motors, and other institutions deemed “too big to fail,” it took on a great deal of debt. However, those decision-makers knew that not taking action could have been even worse for the country’s bottom line. Don’t be afraid to help a friend in debt (but don’t expect to be paid back right away, either).
3. Look for budget leaks—then fix them. Economists estimate that “mandatory” spending, such as Medicaid and Medicare, will overtake spending by 2040, unless something is done to fix them today. By identifying these types of growing expenses, you can help keep a bad budget from getting worse (even if there is some debate of how to best fix the situation).
4. Don’t be afraid of a spending freeze. When Congress and President Bill Clinton couldn’t agree on a new budget in 1995, much of the federal government was shut down—for of total of 28 days between November, 1995 and January, 1996. While the shut down was as much political as economical, it shows that when no new money is coming in, the best thing may be to stop all money going out.
5. Remember your obligations. One option the government has to add some room in its budget is to sell off Freddie Mac and Fannie Mae—which are worth around $165 billion, according to CNN. However, doing so could create havoc in the stabilizing housing market, and ultimately would likely do more harm to the national budget than good. Likewise, cutting Social Security, Medicare, pensions and other entitlement programs could help a lot of spending obligations, but would also likely upset the government’s top source of income—taxpayers.