Thanks, Obama! U.S. Closes 2011 With Record $15.22 Trillion In Debt

It is now official:

According to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09.

In fact, U.S. debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the U.S. government decided to delay exposing until the very end of the calendar year.

This means if you took the market value of all goods and services produced in the United States from every source, it would still not be enough to pay off the federal debt.  

From:  http://www.zerohedge.com/news/us-closes-2011-record-1522-trillion-debt-officially-1003-debtgdp

Thanks Obama! National Debt Jumps Another $72 Billion In ONE DAY

The national debt jumped by $72 billion on Tuesday even as the Republican-led U.S. House of Representatives passed a continuing resolution to fund the government for just three weeks that will cut $6 billion from government spending.

 

If Congress were to cut $6 billion every three weeks for the next 36 weeks, it would manage to save as much money as the Treasury added to the nation’s net debt during just the business hours of Tuesday, March 15.

 

At the close of business on Monday, according to the Treasury Department’s Bureau of the Public Debt, the total national debt stood at $14.166 trillion ($14,166,030,787,779.80).

 

At the close of business Tuesday, the debt stood at $14.237 trillion ($14,237,952,276,898.69), an increase of $71.9 billion ($71,921,489,118.89).

 

From: http://cnsnews.com/news/article/debt-jumped-72-billion-same-day-house-vo

Thank You, Obama! US Ends 2010 With $13.9 Trillion In Public Debt; Future Generations on the Hook as Far as the Eye Can See

Now that all recent bond auctions have settled, and with no further bond auctions scheduled until the rest of the year, we can look at the final tally of US total debt: the number – $13,879,785,000,000.

 

This represents a $1.568 trillion increase in total US debt held by the public for 2010, and $4.388 trillion since the collapse of Lehman.

 

This is in essence the cost to US taxpayers to keep the financial system solvent, as the US has become the biggest marginal leveraging actor in the world.

 

Of course, since this money does not have to be repaid any time soon, nobody seems to mind, especially not the politicians in Washington.

 

As we have said before, and pro forma for the Obama tax deal, we expect total debt issuance in 2011 to accelerate once again, and to hit just under $2 trillion, putting total US debt at the end of next year at around $16 trillion.

 

We also fully expect the Fed to monetize the bulk of that issuance. We can’t wait to hear the positive spin on this one.

 

From:  http://www.zerohedge.com/article/us-end-2010-139-trillion-debt-total-debt-incurred-great-financial-crash-44-trillion

 

Thank You, Obama: U.S Debt to Rise to $19.6 Trillion by 2015

At the current rate of spending, the U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.

The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.

The U.S. debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.

From: http://www.reuters.com/article/idUSN088462520100608