The national debt has risen by $1 trillion since June, reaching a new high of more than $14 trillion, the U.S. Treasury reported on its website Monday. The new high was reached on Friday.
To be precise, the amount of money the government owes is $14,025,215,218,708.52, according to the Treasury website. And that figure is growing ever closer to the debt limit of $14.294 trillion set by Congress.
If Congress does not vote to raise the debt limit, the U.S. government could be in danger of shutting down or defaulting on its obligations. But passing an increase in the limit may be difficult, with Republican and tea party candidates having won office based on vows of fiscal responsibility.
Rep. Michele Bachmann, leader of the House Tea Party Caucus, said on the CBS News program "Face the Nation" on Sunday: "Congress has had a big party the last two years. They couldn't spend enough money. And now they're standing back, folding their arms, saying, oh, taunting us -- 'How are you going to go ahead and solve this big spending crisis?'"
She has been urging people to sign an online petition called "Don't Raise the Debt Ceiling."
But White House economist Austan Goolsbee said on the ABC News program "This Week": "This is not -- this is not a game. You know, the debt ceiling is not -- is not something to toy with. That's the -- the -- if we hit the debt ceiling, that's the -- essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008."
Orignal Article : http://www.politicsdaily.com/2011/01/03/federal-debt-tops-14-trillion-u-s-treasury-reports/
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