Skip to comments.Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year
Posted on 07/23/2012 8:31:02 PM PDT by Justaham
By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.
Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the close of business on Sept. 30, 2011the last day of fiscal 2011the total debt of the federal government was $14,790,340,328,557.15. By June 29, the last business day of the third quarter of fiscal 2012, that debt had grown to $15,856,367,214,324.44an increase for this fiscal year of $1,066,026,885,767.29.
In the fourth quarter of fiscal 2012, the federal debt has continued to accumulate, hitting $15,874,365,457,260.40 at the close of business on Thursday, July 19marking a total increase so far in fiscal 2012 of $1,084,025,128,703.25.
(Excerpt) Read more at cnsnews.com ...
I guess Obamass is going to blame this on Bush as well.
Great hot;inks! Thanks!
Throw all the bums out.
It is immoral to run up debts this generation cannot repay. To do this is to rob our posterity of their God-given, unalienable right to government by consent.
Courtesy, of course, of elected "representatives" who have sworn to support the Constitution, a document that states as its ultimate purpose to "secure the Blessings of Liberty to Posterity."
The FedGov today is spending $1.40 for every $1 they take in.
It’s just like the family in 2007 riding a wave of false prosperity based on maxxed out credit cards and helocs.
Two luxury SUVs on lease and a McMansion with negative equity.
The end result will be the same.
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