The federal government keeps spending… and the nation’s financial health keeps on deteriorating. Rachelle Younglai wrote on the Reuters website last night:
The Obama administration said on Wednesday that the nation would hit the legal limit on its debt near the year’s end, although it can tap emergency measures to stave off a default and keep the government running into early 2013.
As of Monday, the U.S. Treasury was $235 billion below the $16.4 trillion statutory ceiling on the amount it can borrow. That gives the government enough funds to pay its bills, including interest on its debt and retirement health benefits, until the end of the year, the Treasury said, reiterating a forecast it made in August.
So, the U.S. national debt is on track to reach $16.4 trillion by the end of 2012.
As I pointed out back on September 4 when the Treasury Department revealed the debt had surpassed $16 trillion:
When President George W. Bush took office, the national debt stood at $5.768 trillion.
By the time President Barack Obama occupied the White House, the national debt had risen significantly to $10.626 trillion.
During the Bush 2.0 administration, the national debt increased by $4.858 trillion.
So far in the Obama administration, the national debt has increased by $5.39 trillion.
Make that last figure around $5.8 trillion by the end of this year.
Our “financial reckoning day” is fast-approaching…
Younglai, Rachelle. “UPDATE 3-U.S. gov’t poised to hit debt limit before 2013.” Reuters. 31 Oct. 2012. (http://www.reuters.com/article/2012/10/31/usa-debt-idUSL1E8LV2LU20121031). 1 Nov. 2012.
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