The national debt has risen by $1 trillion since June, reaching a new high of more than $14 trillion, the U.S. Treasury reported on its website Monday. The new high was reached on Friday.
To be precise, the amount of money the government owes is $14,025,215,218,708.52, according to the Treasury website. And that figure is growing ever closer to the debt limit of $14.294 trillion set by Congress.
If Congress does not vote to raise the debt limit, the U.S. government could be in danger of shutting down or defaulting on its obligations. But passing an increase in the limit may be difficult, with Republican and tea party candidates having won office based on vows of fiscal responsibility.
This article was posted: Tuesday, January 4, 2011 at 4:45 am