This story on cbsnews.com by Mark Knoller:<\/p>\n
[…] Since September 30, the day the national debt hit the $10-trillion mark for the first time, the government has run up over $500 billion in new debt.<\/p>\n
That’s more than the federal deficit for the entire 2008 fiscal year, which ended September 30. And it’s the most rapid increase in the national debt ever: over half a trillion dollars in less than a month – 23 days to be exact<\/strong>.<\/p>\n
<\/p>\n
The government’s latest calculation of the national debt stands at $10,530,893,033,778.21<\/strong> – that’s $10.5-trillion for short. It took less than four months for it to rocket to that level from $9.5 trillion on July 21.<\/p>\n
Less than four months! To put it in perspective, consider this: it took the U.S. government over four decades, from 1940 to 1982, to run up its first trillion dollars of debt.<\/p>\n
The second and third trillions were racked up much more quickly – each in just four years. And it only took from 1990 to 1992 for the national debt to hit $4 trillion.<\/p>\n
On the day President Bush was sworn in, the debt stood at $5.7 trillion<\/strong>. Less than eight years later, it’s within days of having swelled $5 trillion dollars on his watch<\/strong> – an embarrassing milestone for a president who considers himself a conservative and an advocate of fiscal discipline.<\/p>\n
[…] And this week<\/strong>, the Treasury Department started to spend the $700 billion dollars in the congressionally authorized bailout program<\/strong>, so the national debt can be expected to soar even more rapidly in the coming months.<\/p><\/blockquote>\n
Only one word – DOH!<\/p>\n
Related Images:<\/h3>","protected":false},"excerpt":{"rendered":"
This story on cbsnews.com by Mark Knoller: […] Since September 30, the day the national debt hit the $10-trillion mark for the first time, the government has run up over $500 billion in new debt. That’s more than the federal deficit for the entire 2008 fiscal year, which ended September 30. And it’s the most […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[9],"tags":[779],"class_list":["post-1977","post","type-post","status-publish","format-standard","hentry","category-miscellaneous","tag-national-debt"],"yoast_head":"\n
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