The United States federal debt has surpassed $19 trillion for the first time in history according to the Treasury Department. However, the real figure could exceed $65 trillion, according to a former US Comptroller General.
The official debt of $19 trillion represents almost $60,000 for every man, woman and child living in America today.
President Barack Obama took office with $10.8 trillion debt that has grown more than $8 trillion in seven years. And such a record tempo is likely to continue, according to the Congressional Budget Office, quoted by the Washington Times.
This equals an additional $70,000 in net federal borrowing for each of the 117,480,000 American households, according to Census Bureau estimates.
About $13.7 trillion makes up public debt, and the rest comes from government borrowing.
The US currently functions without a debt ceiling. Legislation in November suspended it through March 2017 so borrowing can continue without a limit until that time.
According to former Comptroller General of the United States [the director of the Government Accountability Office] David Walker, analysts understate the real extent of the US government’s financial commitments, which in reality exceed $65 trillion.
Source:
https://www.rt.com/business/331115-us-federal-debt-rise/
The official debt of $19 trillion represents almost $60,000 for every man, woman and child living in America today.
President Barack Obama took office with $10.8 trillion debt that has grown more than $8 trillion in seven years. And such a record tempo is likely to continue, according to the Congressional Budget Office, quoted by the Washington Times.
This equals an additional $70,000 in net federal borrowing for each of the 117,480,000 American households, according to Census Bureau estimates.
About $13.7 trillion makes up public debt, and the rest comes from government borrowing.
The US currently functions without a debt ceiling. Legislation in November suspended it through March 2017 so borrowing can continue without a limit until that time.
According to former Comptroller General of the United States [the director of the Government Accountability Office] David Walker, analysts understate the real extent of the US government’s financial commitments, which in reality exceed $65 trillion.
Source:
https://www.rt.com/business/331115-us-federal-debt-rise/
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