National Debt Hits $16 Trillion

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The national debt has topped $16 trillion as chronic government deficits have piled more than $50,000 worth of debt onto federal ledgers for every man, woman and child in the United States.
Barack Obama's GOP rivals used the grim but expected news to blast the president for the government's dreadful fiscal performance over his 3 1/2 years in office. Obama has presided over four straight years of trillion dollar-plus deficits after inheriting a weak economy from his predecessor, George W. Bush.
The spiraling debt means that lawmakers and whomever wins the White House in November will have to pass legislation to raise the government's borrowing cap from the current ceiling of $16.4 trillion. Passing such legislation last year proved enormously difficult and the nation's credit rating suffered.

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  • by Hanna Location: NY on Sep 6, 2012 at 02:12 AM
    This debt can really interrupt Obama to win the elections. Everything in the US is based on making debts. People are trying to get what they want with borrowing money, and consumers often take out loans and fill out application forms for getting cash. So the same is with the government, we have debts everywhere, student loan debt, consumer debt, federal government's one. Barack Obama should think what he can do to reduce it, if he wants to stay a President, there's a need to make important changes and try to improve the economy and make it healthier.
  • by brant on Sep 5, 2012 at 06:56 AM
    I wonder how B. Hussein Obama is going to misrepresent this failure in his upcoming speech.
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