Pop the champagne — the U.S. debt just surpassed $15 trillion. The inauspicious milestone comes as Congress tries anew to slash billions of dollars from the federal budget and at least slow the rise in the national debt. But the $15 trillion mark puts the congressional effort in perspective. While lawmakers on a bipartisan committee are stuck on how to reach their minimum deficit-reduction target of $1.2 trillion over 10 years, the pace at which the national debt is increasing suggests any agreement would barely make a dent.
After all, it took just one year for the U.S. government to add $1.2 trillion to the national debt, thanks to a 2011 deficit of approximately that size. The debt was at $13.8 trillion last November, or $1.2 trillion below where it is today. It passed the $14 trillion mark at the very end of 2010, and this week hit $15 trillion.
While the unofficial “debt clock” showed the country reaching that point on Wednesday afternoon, official figures kept by the Bureau of the Public Debt show the $15 trillion threshold was crossed on Tuesday.
Either way, it’s a lot of money — some $600 billion more than the combined economies of China and Japan.
Critics of the Obama administration’s spending were not shy about publicly bemoaning the development.
“I hope that Congress and the president will see this for what it is: a wakeup call for Washington. We absolutely must turn back from the outrageous spending before it permanently destroys this country,” Rep. Paul Broun, R-Ga., said in a statement.
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5 Responses
The socialist liberal democrats better do some cutting and none of this over 10 year trash because that’s garbage. Cut spending NOW!!!
We don’t have a revenue problem, we have a spending problem because Obama & his minions don’t know the meaning of living within your means. The proof is that he has spent more than ANY other president.
what was the deb when obama came into office
The National Debt stood at $10.626 trillion when Obama came into office. Its funny how the libs like to blame bush but if you look at the numbers, Obama has added more debt in under 3 years than Bush did in all 8 years as president.
The biggest joke is the fact that the “stimulus” plan created very little actual stimulus or jobs, and now they want to pass another one. Obamas only solution to any problem is to spend more. We really need to get him out of office before its too late and we become a subsidiary of China
Dear mr Working on it
you are up for a surprise Obama our president will be there for another 4 years. If you don’t like it you can leave this beautiful country right now. I wish you good luck on your way out of here.
to #4 mayerfreund,
why did you respond to a political comment with a personal nasty insult? and your comment doesnt even contain any facts, just derision and dismissiveness.
I wonder what your political leanings are.