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U.S. Debt Above 100% Of GDP

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Mike

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Not only is D.C. in the red, many States, Counties, & Cities are severely deficit. Another Obama administration will take us into an abyss.............Just as planned.

U.S. Debt Reaches 100 Percent of Country's GDP
August 04, 2011 | FoxNews.com


The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP.

The debt, which had been in somewhat of a holding pattern over the past several weeks, rose $238 billion after President Obama signed the debt-ceiling deal into law Tuesday to avoid the country's first-ever default.

The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount.

With that authority, the public debt has climbed to $14.58 trillion, putting it just over the $14.53 trillion size of the country's economy in 2010.

As the country moves into a league with deep-in-the-red nations like Italy and Belgium, fiscal conservatives say the fight to cut spending is far from over.

Senate Minority Leader Mitch McConnell warned Tuesday that Washington will have another fierce debate over spending the next time the debt ceiling is reached -- expected to be in early 2013. McConnell said Washington should welcome, not fear, that debate.
 

redrobin

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2007 debt to gdp chart

http://www.ourfuture.org/files/images/Public-Debt-Countries-full.gif

2010 chart

http://www.wtffinance.com/wp-content/uploads/2011/03/debt-to-gdp-by-country.jpg

Total U.S. debt now greater than the great depression....thanks barak

http://www.kkr.com/images/insights/07-images/charts-5.png
 

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