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The debt was $10.8 trillion on Day One of the Obama administration; if the proposed increase passes, the debt will have increased more than $3 trillion, almost 29 percent, since the president took office.
Read more at the Washington Examiner: http://www.washingtonexaminer.com/politics/Dems-seek-to-raise-max-national-debt-by-_1_8-trillion-8648531-79002132.html#ixzz0dgKNv7BL
A few National Debt Stats:
1910 Gross National Debt 2.6 billion
1950 Gross National Debt 257.4 billion
1980 Gross National Debt 290.5 billion
1990 Gross National Debt 3 trillion 207 billion
2000 Gross National Debt 5 trillion 629 billion
2005 Gross National Debt 7 trillion 905 billion
2008 Gross National Debt 9 trillion 986 billion
2009 Gross National Debt 12 trillion 868 billion (estimated)
(largest increase ever - an increase of nearly 2.9 trillion dollars in one year) source : http://www.christianblog.com/blog/revgenlink/national-debt-harvesting-what-has-been-sown/
U.S. debt from 1940 to 2008. Red lines indicate the public debt and black lines indicate the gross debt, the difference being that the gross debt includes funds held by the government (e.g. the Social Security Trust Fund). The second chart shows debt as a percentage of U.S.GDP or dollar value of economic production per year. Data from U.S. Budget historical tables at whitehouse.gov/omb and other tables listed when you click on the figure. Note that the top panel is deflated to 2008 dollars and not in nominal year dollars. Charts source: http://en.wikipedia.org/wiki/United_States_public_debt
The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.
The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.
A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.
Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.
Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government. (The House just passed the increase, though the Senate has yet to act. It is expected to approve the measure.)
Republicans and conservative Democrats blocked moves by House leaders to pass a $1.8 trillion dollar increase in the Debt Limit so the Democratic majority would not have to face the embarrassment of raising the Debt Limit yet again before next November's midterm elections.
The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now.
The White House projects a record $1.5 trillion dollars deficit this year alone, and a 5-year deficit total of $4.97 trillion.
The Debt figure goes up and down on a daily basis based on government borrowing and revenue. Technically, not all of the National Debt is subject to the Debt Limit - a small percentage is exempt.
related, Here for videos, graphs, movie & U.S. National Debt totals.: http://harrold.org/rfhextra/blogspot/debt.html
US DEBT CLOCKS: http://www.usdebtclock.org & http://www.davemanuel.com/us-national-debt-clock.php
and http://www.brillig.com/debt_clock/ & http://www.treasurydirect.gov/NP/BPDLogin?application=np
Also, see the blog videos below at http://harrolds.blogspot.com/2009/09/national-debt-how-come-how-much-who-do.html
Read more at the Washington Examiner: http://www.washingtonexaminer.com/politics/Dems-seek-to-raise-max-national-debt-by-_1_8-trillion-8648531-79002132.html#ixzz0dgKNv7BL
A few National Debt Stats:
1910 Gross National Debt 2.6 billion
1950 Gross National Debt 257.4 billion
1980 Gross National Debt 290.5 billion
1990 Gross National Debt 3 trillion 207 billion
2000 Gross National Debt 5 trillion 629 billion
2005 Gross National Debt 7 trillion 905 billion
2008 Gross National Debt 9 trillion 986 billion
2009 Gross National Debt 12 trillion 868 billion (estimated)
(largest increase ever - an increase of nearly 2.9 trillion dollars in one year) source : http://www.christianblog.com/blog/revgenlink/national-debt-harvesting-what-has-been-sown/
U.S. debt from 1940 to 2008. Red lines indicate the public debt and black lines indicate the gross debt, the difference being that the gross debt includes funds held by the government (e.g. the Social Security Trust Fund). The second chart shows debt as a percentage of U.S.GDP or dollar value of economic production per year. Data from U.S. Budget historical tables at whitehouse.gov/omb and other tables listed when you click on the figure. Note that the top panel is deflated to 2008 dollars and not in nominal year dollars. Charts source: http://en.wikipedia.org/wiki/United_States_public_debt
article source: http://www.cbsnews.com/blogs/2009/12/16/politics/politicalhotsheet/entry5987341.shtml
(AP)
The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.
The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.
A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.
Were it not for those "tools," the U.S. Government would not have the statutory authority to borrow any more money. It might block issuance of Social Security checks and require a shutdown of some parts of the federal government.
Pending in Congress is a measure to increase the Debt Limit by $290 billion, which amounts to six more weeks of routine borrowing for the federal government. (The House just passed the increase, though the Senate has yet to act. It is expected to approve the measure.)
Republicans and conservative Democrats blocked moves by House leaders to pass a $1.8 trillion dollar increase in the Debt Limit so the Democratic majority would not have to face the embarrassment of raising the Debt Limit yet again before next November's midterm elections.
The Debt Limit has been raised about a hundred times since 1940, when it was $49 billion - about five days worth of federal spending now.
The White House projects a record $1.5 trillion dollars deficit this year alone, and a 5-year deficit total of $4.97 trillion.
The Debt figure goes up and down on a daily basis based on government borrowing and revenue. Technically, not all of the National Debt is subject to the Debt Limit - a small percentage is exempt.
related, Here for videos, graphs, movie & U.S. National Debt totals.: http://harrold.org/rfhextra/blogspot/debt.html
US DEBT CLOCKS: http://www.usdebtclock.org & http://www.davemanuel.com/us-national-debt-clock.php
and http://www.brillig.com/debt_clock/ & http://www.treasurydirect.gov/NP/BPDLogin?application=np
Also, see the blog videos below at http://harrolds.blogspot.com/2009/09/national-debt-how-come-how-much-who-do.html
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Legislation Pending in Congress
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