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Grim Milestone: Federal Debt exceeds $12,000.000,000,000

That's 12 TRILLION Dollars.

Which is about $40,000.00 of debt for every man, woman, and child living in the United States.

National Debt Now Tops $12 Trillion
By Mark Knoller
CBSnews

...

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion - more than triple the previous year's record high.

Much of the increase in the deficit and debt is attributed to government spending outpacing revenue - both exacerbated by the recession and the government response to it - including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.

In recent days, President Obama has spoken of the need to bring the rising deficit and debt under control.

Well sure, Barry, close that barn door. Then start rounding up the horses.

Hat Tip: Hot Air

A Further Note:

The 2009 Federal Budget, which would normally be passed by Congress and signed into law by the President before the end of September, 2008 (the last month of the Federal Fiscal Year) was not. Instead, the Congress (controlled by the Democrats) passed continuing resolutions and deferred the actual budget until after the victor in the 2008 Presidential Election was sworn into office. Thus the 2009 Budget, which would normally be attributable to the outgoing Administration, is instead wholly a product of the Democtratic Party and President Obama. The jump from 11 Trillion to 12 Trillion was entirely attributable to Pelosi, Obama, and Reid.


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Comments (12)

Bush lead us into this rece... (Below threshold)
Victory is Ours:

Bush lead us into this recession, and made the down payment last year before leaving office, jacking up the debt dramatically.

Granted, Obama has increased it - all to bail the country out from the Bush recession.

Short memories, eh?

Vic

Wow! The deficit is so bad... (Below threshold)
MunDane:

Wow! The deficit is so bad, we can't afford a lower-case "A" in the headline!

Posted by Victory is Ours ... (Below threshold)
justpassingthrough:

Posted by Victory is Ours | November 17, 2009 8:40 PM

You make me laugh with your post.
Just like how Sheriff Joe Biden makes me laugh.

Bush lead us into this r... (Below threshold)
Sue:

Bush lead us into this recession, and made the down payment last year before leaving office, jacking up the debt dramatically.

Yes. And Obama voted for it and he was in the senate and approved the budgets. And yes, it was a democrat controlled senate.

That makes Obama more responsible for it than anyone else in the United States.

"Which is about $40,000... (Below threshold)
Marc:

"Which is about $40,000.00 of debt for every man, woman, and child living in the United States."

It's FAR worse than the 40k owed, 344,759 dollars is the amount owed by each citizen from the oldest to babies born within the last hour because of unfunded liabilities.

P.S. vic surely you've been called a blithering idiot previously, and numerously. So I won't repeat the obvious.

What I will do is lower the invective to the third grade level of your post and call you a nincompoop.

Good job Barry!... (Below threshold)
914:

Good job Barry!

Fear not, gentle proles!</p... (Below threshold)
Jim Addison:

Fear not, gentle proles!

$12 trillion in debt does seem daunting, especially when we seem to be borrowing ever more and contemplating even more costly legislation, but this is only to the untrained observer.

The price of gold has exploded. It's up 10% in a very short time - and that from near historical highs. Now, the truth is that gold never really goes up or down in price. It's supply is quite stable, of enduring value, and increases only slightly each year. It is the classic "constant store of value." When the price of gold goes up, what it really means is the value of the currency it is priced in is going down.

The dollar was already under fierce assault, and this will only make it more difficult to sell our bonds to finance Obama's burgeoning debt. Investors will demand ever higher interest rates, which will force up all rates, which will inevitably ignite an inflationary cycle.

This will mean the US debt is lower, because we redeem the outstanding bonds with cheaper, inflated dollars. The effect on the global economy, and our own, will not be so benign.

Victory is Ours wrote:... (Below threshold)
iwogisdead:

Victory is Ours wrote:

Bush lead us into this recession, and made the down payment last year before leaving office, jacking up the debt dramatically.

Considering that Obama has tripled the deficit in only 10 months, this $ 12 trillion number will be peanuts by the time he's done. And just think, Obama has managed to increase the unemployment rate by 33%+ with all of his spending. Except of course, in the Congressional Districts which don't exist, where, I understand, unemployment remains quite low.

At least there should be full employment in the calculator manufacturing industry--all of the calculators in my house are now obsolete, thanks to these new numbers.

But, keep up your numbskulled prattling, Vic. I'm sure it makes you feel better.

Lets see $12 trillion divid... (Below threshold)
Mac Lorry:

Lets see $12 trillion divided by 300 million people is $40,000 apiece. The liberal approach is to open the borders so that we can have 500 million people and then we'll only owe $24,000 apiece. Next thing you know Obama will be saying that open borders will save or not spend $16,000 per person.

Bush lead us into ... (Below threshold)
Mac Lorry:
Bush lead us into this recession. . .

Once again, without establishing any cause and effect relationship it's just as accurate to say the Democratic controlled congress lead us into this recession.

. . .and made the down payment last year before leaving office, jacking up the debt dramatically.

And Obama embraced that policy and has piled on more debt in his short time in office than Bush did in 8 years.

Weak on comprehension, eh?

The first bailout, despite ... (Below threshold)
WildWillie:

The first bailout, despite what our reality challenged lefty friends think, was put together by a democratic lead appropriation committees and signed by GW. Wow! How stupid they are. And Vic thinks our memories are weak? Oh, and them Obama said we must pass another pork laden stimulus OR see unemployment go up to 8%. Gloss that lie over Vic. Your empty suit is falling buddy. ww

If any actual American - in... (Below threshold)

If any actual American - individual or corporation - used the "accounting" methodology employed by the feral gummint's "Democratic" potty-activist owned, operated and controlled permanent bureacracy -- and by way of which it dares say it owes only Twelve Trillion Dollars -- the actual American would likely spend the rest of his life with that (compared to the ferals' "Democrat" activists) piker when it comes to Ponzi scams, Bernard Madoff.

Twelve Trillion?

BS!

Try One Hundred and Ten Trillion -- and growing massively by the millisecond.

Any wonder that the effective purchasing power of the piece of paper the ferals call "the United States Dollar" has about halved this year?

And we ain't seen nothin', yet!




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