The Treasury Department said Tuesday that the federal government has now officially topped $16 trillion in debt.
The announcement, which came just an hour before Democrats gaveled in their convention in Charlotte, N.C., to renominate President Obama for another four-year term, immediately boosted the government's grim fiscal picture back to the fore of the national debate.
Debt has risen at a meteoric pace under Mr. Obama — in less than four years in office he has already eclipsed President George W. Bush's eight years. His advisors say he has a "plausible" plan to stabilize the debt, but defend his spending plans, saying to withdraw government stimulus now would hurt the economic recovery.
Read more: Federal debt tops $16 trillion, Treasury Dept. says - Washington Times http://www.washingtontimes.com/blog/inside-politics/2012/sep/4/debt-tops-16-trillion/#ixzz25XIm9nTa