What does the CDS market say about the so-called debt crisis?

A collegue mentioned yesterday that with all the talk of a US default, what is the market saying?  Looking at CDS spreads, it does not appear that the US will default.  Yes it is up significantly in last year, but still lower than in 2009 and much lower than that of other soverign debt. 

Here is the quote of  5 yr US Treasury.