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Federal Government’s Debt Jumps More Than $1T for 5th Straight Fiscal Year
(CNSNews.com) – By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.
Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the close of business on Sept. 30, 2011—the last day of fiscal 2011—the total debt of the federal government was $14,790,340,328,557.15. By June 29, the last business day of the third quarter of fiscal 2012, that debt had grown to $15,856,367,214,324.44—an increase for this fiscal year of $1,066,026,885,767.29.
Menderman
July 24th, 2012
This clock is pretty darn accurate:
http://www.usdebtclock.org/
***WARNING***
Have blood pressure medication or valium handy before clicking above link!
Kool Aid
July 24th, 2012
but wait, Didn’t President I have never held a job tell me that I did not create my own business? 25+ years and each year I have made a profit and never once have I written $1 Trillion dollars more in checks than money I brought in! I guess maybe he needs to get a real job huh…let’s help him out in Novermber shall we!
Clint Lovell
July 24th, 2012
Personally, I blame the Establishment Republicans. This could not have happened without their tacit agreement and this just goes to show that the RNC continues to be a traitor to the modern conservative movement. They have continually thwarted our efforts towards fiscal responsibility for more than 60 years and it is high time we came to the realization that there is no difference between them and the Democratic Party.
Dr. Tar
July 24th, 2012
See the Difference?
A Liberal / Progressive / Socialist
Sees the private sector as a zero sum game (your success comes at my expense).
But sees the public sector as a positive sum game (growing government benefits everyone)
A Conservative / Free Marketer / Capitalist
See the private sector as a positive sum game (we all benefit when you succeed with your business)
But see the public sector as a zero sum game (the money to fund government has to come out of my pocket).
Now which world view is more realistic?
Conservative Cartoon Link: July 24, 2012 | DBKP - Death By 1000 Papercuts - DBKP
July 24th, 2012
[...] OF THE ICEBERG – Federal Government’s Debt Jumps More Than $1T for 5th Straight Fiscal Year. 1 trillion is only what’s ON the books: that’s the truly sad part. The total amount is [...]
Unneutral
July 24th, 2012
He said he’s gonna cut the debt in half in his first term.
I think he’s running outta of time.
anon
July 24th, 2012
His own campaign has been in the red the past 2 months. His only idea of a budget is how much he can steal before he gets caught.