National Debt Tops $15,000,000,000,000

Less than a year after passing the $14 trillion mark, the National Debt has hit another milestone:

Don’t look now, members of the “supercommittee” battling the national debt, but the amount the U.S. owes topped the $15 trillion mark Wednesday afternoon.

That’s a lot of George Washingtons, as you can see here live at USdebtclock.org.

With a week until the committee’s deadline to reach agreement on cutting $1.2 trillion to $1.5 trillion from the federal deficit over the next 10 years, the Joint Select Committee on Deficit Reduction still has no agreement to stem automatic cuts to the budget.

Worth noting:

  • It took 321 days for the debt to increase another $1,000,000,000,000. That’s actually one of the longer times in recent memory thanks in part to the spending cuts enacted as a result of the April budget deal and the
  • The national debt passed the $ 13,000,000,000,000 mark on June 3, 2010. It took 212 days for an additional trillion dollars to be added to the national debt.
  • Before that, it last passed a milestone number on November 17, 2009 when it hit $ 12,000,000,000,000. It took only 198 days for an additional trillion dollars to be added to the national debt.
  • Since Barack Obama took the Oath of Office, the national debt has increased from $10,626,877,048,913.08 to $15,033,607,255,920.32. That’s an increase of $4,406,730,207,007.24 in 1031 days.

Happy days are here again!

FILED UNDER: Deficit and Debt, Doug Mataconis, Quick Picks, US Politics
Doug Mataconis
About Doug Mataconis
Doug holds a B.A. in Political Science from Rutgers University and J.D. from George Mason University School of Law. He joined the staff of OTB in May 2010. Before joining OTB, he wrote at Below The BeltwayThe Liberty Papers, and United Liberty Follow Doug on Twitter | Facebook

Comments

  1. Neil Hudelson says:

    We did it guys!!!! Congratulations!




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  2. John Peabody says:

    I just want to say…thanks. Thank you, everyone. This was a team effort!




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  3. Tsar Nicholas says:

    Not a shining moment, that’s for certain. Also keep in mind the Fed directly has been manipulating the bond markets to help keep a lid on interest rates. Otherwise the debt would be even worse. But the Fed’s one-trick pony won’t perform forever. When interest rates drift back to normal levels our national debt will become, well, PIIGS-like. Ultimately I expect to be short selling Treasury Notes into a Greece-style meltdown within the very foreseeable future. Perhaps as soon as 2020. Of course if Generation Y were a bond or a stock I’d already be short selling it.




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  4. lunaticllama says:

    I guess this means it’s time to give more free money to rich people!




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  5. michael reynolds says:

    U-S-A! U-S-A!




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  6. Ben Wolf says:

    This means the private sector put another trillion dollars into savings. That isn’t a bad thing unless you think government should make saving more difficult.




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  7. Ben Wolf says:

    By the way, Salon is reporting the agriculture industry is trying to get a farm bill passed through the super-committee so that no one knows what’s in the bill until it’s too late. Anyone else know anything about that?

    http://www.salon.com/2011/11/17/another_hidden_supercommittee_menace/




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