Wednesday, Nov 18th, 2009
The US public debt topped 12 trillion dollars for the first time in history, Treasury officials disclosed Tuesday, moving past a key barrier that raised hackles in Congress.
Treasury data showed Monday’s outstanding debt at 12.031 trillion dollars, up from 11.999 trillion on Friday.
The ballooning debt reflects the massive deficit spending by the government in an effort to revive an ailing economy over more than one year.
The public debt topped 10 trillion dollars in September 2008.
The debt is quickly approaching the statutory limit of 12.104 trillion dollars, meaning Congress would have to raise the ceiling to prevent a shutdown of government operations.
“When the people find they can vote themselves money, that will herald the end of the republic.” – Fall Of The Republic – Buy the DVD here