At the beginning of 2007, January 2nd we had $8.678 trillion in outstanding public debt. One year after Lehman went bankrupt, Sept 15th 2009, we have $11.8 trillion in outstanding public debt showing over a $2 trillion increase.
The U.S., as of Sept 2009, has sold $1.517 trillion in debt this year compared with $585 over the same period last year. Barclays forecasts the government will sell $2.1 trillion in debt for 2009 and $2.5 trillion for 2010 compared with $892 billion for 2008.
Congress determines the limit to the amount of debt the Department of Treasury can issue. The American Recovery and Reinvestment Act of 2009 signed into law on Feb 17 2009 set the limit to $12.104 trillion. The Treasury currently forecasts it will hit this limit by Nov 2009 and started asking Congress to increase the limit again in Aug 2009, only 7 months after it was increased.
It is obvious the national debt is setting record highs. This national debt is a promise of repayment to the holders and is backed by the government, which represents the taxpayers. It is an ever increasing burden for all taxpayers.
US Treasury Debt History
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