National Debt hits $9 Trillion for the first time
The Treasury Department said Wednesday that the debt subject to limit was at $9 trillion on Tuesday. It was $8.996 trillion on Monday.
Last month, Congress passed and President Bush signed into law an increase in the government's borrowing ceiling to $9.815 trillion. It was the fifth debt limit increase since Bush took office in January 2001. Those increases have totaled $3.865 trillion.
The administration contends the rising debt reflects such factors as slow economic growth during the 2001 recession, the Sept. 11 attacks and the cost of fighting terrorism.
The total national debt is actually higher than $9 trillion because it includes borrowing by some agencies that are not covered by the congressional debt limit. That total was $9.086 trillion on Tuesday.
Did you know?
It took the country from George Washington until Ronald Reagan to reach the first $1 trillion in debt.
* * * * *
Bush has spent $3.865 trillion of our debt since he took office in 2001.
Now with our economy slowing down, the mortgage sub-prime crisis, and a potential war with Iran, a lower federal deficit sounds like a joke. Who knows if $10 trillion level is going to be just right around the corner.
Comments
Posted by:
Posted on: November 8, 2007 11:23 AM
"The administration contends the rising debt reflects such factors as slow economic growth during the 2001 recession, the Sept. 11 attacks and the cost of fighting terrorism."
Oh and cutting taxes while doing all these things...
Posted by: Steve Rhode
Posted on: November 16, 2007 06:11 PM
If the government could get a credit card it would have to be a Black AMEX. If you thought it was bad now, give it a few more years.
Posted by: Lewis Alexander
Posted on: January 4, 2008 01:12 PM
National debt in the Uk has hit over the £1trillion level, it is increasing at £1million every 4 minutes. Personal debt help is available free, get it whilst you are able to!
Posted by: Debt Help
Posted on: February 12, 2008 01:06 PM
The debt crisis is worse than everyone thinks and we must all sort our own situations before we all have personal credit crunches
Posted by: IVA debt advice UK
Posted on: July 3, 2008 08:01 AM
I am emigrating to Australia in a month, the cost of living in the UK is way too high. I will be cash rich in the USA, in the UK I am in debt and credit card rich....long live the American dream man!!!!