Posted on 05/28/2010 6:49:21 AM PDT by SeekAndFind
The U.S. national debt has passed the $13 trillion mark, according to USDebtClock.org, an independent website that tracks the real-time growth of U.S. revenues and spending.
Global markets decline amid pessimism over bailout package for Greece. On Tuesday, the national debt stood at $12,995,779,490,444.52, according to the Treasury Department's national debt-tracking website TreasuryDirect.gov.
The Treasury Department did not immediately return a request from ABC News for comment.
Senate Minority Leader Mitch McConnell , R-Ky., wasted no time in sounding an alarm about the new debt milestone. In a statement released today, McConnell cited the debt in his criticism of what's called the tax extenders bill, which would extend unemployment benefits and the amount of time unemployed workers could stay on their group health plan through COBRA, as well as certain tax cuts. McConnell said the bill would cost $130 billion.
"As early as today, we'll reach a dubious milestone in America: a $13 trillion national debt -- the first time in history we've crossed this frightening threshold. This extenders bill would add another $130 billion on top of that. ...This is fiscal recklessness.
(Excerpt) Read more at abcnews.go.com ...
Here’s how the velocity of US debt has been accumulating...
A decade ago, the national debt was $5.7 trillion. By 2005, it rose to $7.7 trillion. As of six months ago, it stood at $12 trillion. The larger the debt grows, the faster the U.S. government’s interest payments pile up, which helps explain why USDebtClock.org’s national debt tracker jumps hundreds of thousands of dollars in less than a minute.
Weee... let’s just print the money to pay it off!
No, wait, that actually IS the plan...
the progressive democrat plantation.
3 1/2 Trillion since Obama took office...
That is the most popular solution. The alternatives get no politician elected (cut spending, or raise taxes).
This is still Bush’s fault right?
A massive financial crash is coming, likely followed by a societal collapse. In five years we’ll look back on 2010 and say what a great economy we had. Prepare now while you still can. Tick tock, tick tock.....
On January 1, 2005, the national debt was $7,596,142,802,424.14.
When Bush took office on January 20, 2001, the national debt was: $5,727,776,738,304.64. When he left office on January 20, 2009, the national debt was: $10,626,877,048,913.08.
As of May 26, 2010 the national debt is $12,987,274,122,710.70. Source: US Treasury--The Debt to the Penny and Who Holds It
You might want to re-post your picture, it isn’t showing in my Internet Explorer.
| U.S. president | Party | Term years | Start debt/GDP | End debt/GDP | Increase debt ($T) | Increase debt/GDP (in percentage points) |
|---|---|---|---|---|---|---|
| Roosevelt/Truman | D | 1945-1949 | 117.5% | 93.1% | 0.05 | -24.4% |
| Truman Harry Truman | D | 1949-1953 | 93.1% | 71.4% | 0.01 | -21.5% |
| Eisenhower1 Dwight Eisenhower | R | 1953-1957 | 71.4% | 60.4% | 0.01 | -11.0% |
| Eisenhower2 Dwight Eisenhower | R | 1957-1961 | 60.4% | 55.2% | 0.02 | -5.2% |
| Kennedy/Johnson | D | 1961-1965 | 55.2% | 46.9% | 0.03 | -8.3% |
| Johnson Lyndon Johnson | D | 1965-1969 | 46.9% | 38.6% | 0.05 | -8.3% |
| Nixon1 Richard Nixon | R | 1969-1973 | 38.6% | 35.6% | 0.07 | -3.0% |
| Nixon2 Nixon/Ford | R | 1973-1977 | 35.6% | 35.8% | 0.19 | +0.2% |
| Carter Jimmy Carter | D | 1977-1981 | 35.8% | 32.5% | 0.28 | -3.3% |
| Reagan1 Ronald Reagan | R | 1981-1985 | 32.5% | 43.8% | 0.66 | +10.8% |
| Reagan2 Ronald Reagan | R | 1985-1989 | 43.8% | 53.1% | 1.04 | +9.3% |
| Bush GHW George H. W. Bush | R | 1989-1993 | 51.1% | 66.1% | 1.40 | +13.0% |
| Clinton1 Bill Clinton | D | 1993-1997 | 66.1% | 65.4% | 1.18 | -0.7% |
| Clinton2 Bill Clinton | D | 1997-2001 | 65.4% | 56.4% | 0.45 | -9.0% |
| Bush GW1 George W. Bush | R | 2001-2005 | 56.4% | 63.5% | 1.73 | +7.1% |
| Bush GW2 George W. Bush | R | 2005-2009 | 63.4% | 83.4% | 2.63 | +20.0% |
| Obama1 Barack Obama |
D | 2009-2013 | 83.4% |
(Source: Whitehouse FY 2011 Budget - Table 7.1 Federal Debt at the End of Year PDF, Excel)
Notes:
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