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U.S. National Debt Soars $500 Billion in Less Than a Month

By Chris V. Thangham     Nov 2, 2008 in Politics
It took 42 years for the U.S. to reach $1 trillion in debt by 1982. However, under the Bush administration, it took just one month to reach half a trillion in additional debt, pushing the country's national debit to $10.5 trillion.
The U.S. national debt is increasing at a staggering rate, as it took only one month to run up more than $500 billion in new debt.
The U.S. national debt reached a record $10 trillion on Sept. 30 for the first time in U.S. history. Instead of stemming the tide, the government ran up an additional $500 billion in new debt in about 23 days.
The U.S. national debt now stands at $10,530,893,033,778.21 (approximately $10.5 trillion). It took less than four months to surpass the last trillion, while the first trillion in national debt took nearly four decades (42 years) to accumulate (from 1940 to 1982).
When President George W. Bush took over in 2001, the debt was $5.7 trillion. Over the last seven years he has already doubled it. CNN calls this an embarrassing milestone for a president, who calls himself a fiscal conservative.
The sudden increase is due to the government’s response to the financial crisis.
Corrine Hirsh, spokeswoman for the White House Office of Management and Budget, told CBS:
“It’s the Supplementary Financing Program being run by Treasury to provide cash for the Federal Reserve.”
This was the money disbursed by the Federal Reserve to keep the financial markets at home and abroad from collapsing. It includes $124 billion given to AIG.
The U.S. Treasury Department will start to spend the $700 billion in bailout funds this week, so we can expect the national debt to soar even higher.
It's going to be a huge task for the next president to solve this national debt crisis, while the current president will wash off the crisis and retire back to his 1,583-acre Texas ranch.
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