It’s official: We are now $16 trillion in debt
posted at 6:58 pm on September 4, 2012 by Erika Johnsen
That. Just. Happened. There’s been a bit of waffling on when exactly it occurred between last Friday and Tuesday, but regardless, that ship has sailed.
Total U.S. government debt eclipsed $16 trillion for the first time Friday, new government data show, as total federal borrowing continues marching toward the $16.394 trillion borrowing limit.
The Treasury Department said total government debt hit $16,015,769,788,215.80 on Friday, up $25 billion from the day before. The amount of federal debt subject to the borrowing limit is actually slightly less, as it doesn’t include several types of borrowing, and it stood at $15.977 trillion on Friday.
Ah yes, remember when Obama promised he’s cut the deficit in half by the end of his first term in office? Heh, that ol’ chestnut. In actuality, President Obama has added over $5.4 trillion to the debt during less than four years in office, more than any other president and approximately a trillion more than President Bush during his full two terms in office. So, there’s that.