US deficit surges past $1 trillion

The US federal deficit has ballooned past the $1 trillion mark for the first time and could grow to nearly $2 trillion by the end of the budget year.The Obama administration now forecasts that the deficit for the budget year will reach $1.84 trillion by end September, intensifying fears over interest rates, inflation and the strength of the dollar.

The deficit of $1.09 trillion so far this year compares to an imbalance of $285.85bn for the same period a year ago.
The deficit for the 2008 budget year, which ended last September 30, was $454.8bn, the current record in dollar terms.
The overall US debt now stands at $11.5 trillion and interest payments on the debt alone cost $452bn last year - the largest federal spending category after healthcare, social security and defence.

US national debt:what will the future hold?

The US national debt was $9.364 a year ago. Today it is $11.256 trillion. That means that over the last 12 months we've added $1.89 trillion to the national debt. Overthe next two fiscal years the US national debt should rise by $3 trillion from the current $11.256 trillion to around $14 to 15 trillion. The average interest on the national debt is around 4%. Well, 4% of $14 trillion is over half a trillion dollars a year. How in God's name is the US going to attract over half a trillion dollars every year to carry our national debt?

Answer-- higher taxes and inflation.

Happy Passover 2009

So what has changed over 3000 years?

US NATIONAL DEBT

The Outstanding Public Debt as of 22 Feb 2007 at 11:33:56 AM GMT is:

8,754,812,397,388

The estimated population of the United States is 301,020,958so each citizen's share of this debt is $29,083.73.
The National Debt has continued to increase an average of$1.70 billion per day since September 29, 2006!
Concerned?