National Debt Tops $13 Trillion

May 26, 2010

Today, several news organizations indicated that in the early hours of the morning, the national debt tops $13 trillion for the first time in history.  This news comes as Congress gets set to vote this week on an additional $130 billion of spending to add to the 2010 Obama budget deficit of over $1.4 trillion.  The Congress and Obama administration seem to want to  continue to push the national debt higher and higher.

The national debt is the total amount of money that the US Government owes.  This differs from the budget deficit in the the budget deficit  is the difference between what the government takes in through taxes and what it spends in a given year.  In years when their is a deficit, the national debt goes up.  In years with a surplus, the national debt can go down if Congress chooses to apply the surplus to retiring debt.

According the the Congressional Budget Office, the current level of budget deficits predicted for the next 10 years will drive the national debt to over $20 trillion by 2019.

 As reported by CPHQ roughly 6 months ago, the national debt  passed the $12 trillion mark for the first time.  At this pace, the national debt will top $14 trillion before the end of 2010.  This is expected to continue to grow higher in 2011 as the CBO and the White House predict a 2011 Obama budget deficit of over $1 trillion.

According to the national debt clock, that $13 trillion breaks down to $42k per citizen and over $118k per tax payer.  The interest payments alone amount over $195 billion.

Over the last few years, Americans have learned the hard way the taking on too much debt can lead to personal ruin.  The US government needs to learn from American’s personal mistakes and take steps to dramatically reduce the Obama deficits and begin to pay down the debt before it becomes entirely unsustainable.

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