Federal Debt Just Exceeded $19 Trillion: $58,000 for Each Person in U.S.

Cybercast News Service ^ | February 3, 2016 | 10:18 AM EST | Romina Boccia

[Olog-hai]

On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That's more than $58,000 for each person who lives in the U.S. today (including children).

The main culprit behind the rising deficits and debt is growing federal spending--especially among Social Security, Medicare, Medicaid, and Obamacare.

Traditionally, Congress has set a limit for how much debt the U.S. may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit, most recently in November of last year through March 15, 2017. During a debt limit suspension, the Department of Treasury is authorized to borrow however much is needed to pay all federal obligations that come due. This means there is basically no limit on debt the U.S. may take on. [...]

Federal health care programs like Medicare, Medicaid, and Obamacare, plus Social Security, and interest on the debt are responsible for 83 percent of the projected increase in spending over the next decade. ...

[Nailbiter]

I do not disagree with your assessment - just with when will occur. When it does occur those that have caused this situation should be best be hiding on another planet or they may be aswinging from light poles.-that is if there is any justice

[dp0622]

sooner or later than what i think? thanks

[Nailbiter]

sooner I think- sorry, multitasking and forgot to complete my thought

[dp0622]

yeah, I’m following some trades in the FOREX in between posts. :)

i’m going to end up putting an order to go long Eur/Usd on FR and wonder why it never got filled lol