Wednesday, November 16, 2011

US National Debt Hits $15 Trillion

Although few will be celebrating this new staggering figure, the US national debt hits $15 trillion as of the close of business Tuesday.

The national debt has risen $4.41 trillion since President Obama took office and is nearly triple the size of the debt when President George W. Bush took office in 2001.

After the reaching a debt deal during the summer, the federal government can only sustain a total of $15.194 trillion of debt. Given that, President Obama will need to ask Congress to borrow more money.

China's largest credit ratings company, Dagong Global Credit Rating, has already stated that it might downgrade the US credit rating again due to its debt and "addiction" to credit.

The debt now is nearly equal to the project US gross domestic product for 2011.

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