Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year

cnsnews.com ^ | 7/23/12 | Terence P. Jeffrey

[Justaham]

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.

In the fourth quarter of fiscal 2012, the federal debt has continued to accumulate, hitting $15,874,365,457,260.40 at the close of business on Thursday, July 19—marking a total increase so far in fiscal 2012 of $1,084,025,128,703.25.

[doc1019]

I guess Obamass is going to blame this on Bush as well.

[mylife]

[Aglooka]

That's ok, we just need to “invest” more borrowed money and then everything will be fine.

[SunkenCiv]

Thanks Justaham.

[Graewoulf]

Great hot;inks! Thanks!

[ZOOKER]

It won't be too far in the future, we'll laugh at the thought that $1 Trillion dollars was a lot of money.

[EternalVigilance]

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.

Throw all the bums out.

It is immoral to run up debts this generation cannot repay. To do this is to rob our posterity of their God-given, unalienable right to government by consent.

Courtesy, of course, of elected "representatives" who have sworn to support the Constitution, a document that states as its ultimate purpose to "secure the Blessings of Liberty to Posterity."

[ZOOKER]

It won't be too far in the future, we'll laugh at the thought that $1 Trillion dollars was a lot of money.

[NYer]

[nascarnation]

The FedGov today is spending $1.40 for every $1 they take in.

It’s just like the family in 2007 riding a wave of false prosperity based on maxxed out credit cards and helocs.

Two luxury SUVs on lease and a McMansion with negative equity.

The end result will be the same.