More Great News – US Borrowing Now Tops GDP


I’m clear out of snark and sarcastic comments. News like this is just dismal. I feel like I should wake up my kids and apologize to them. AFP reported that according to the Treasury Department, the United States debt now tops Gross Domestic Product. It’s nauseating.

US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.

Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.

Public debt subject to the official debt limit — a slightly tighter definition — was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier. …

This has to change. So much for hope and change.

This reminds me of something I saw earlier.

Update: Da TechGuy linked – thanks!

Update 2: In one day alone the debt went up by $239 billion, the biggest one day jump in history.

Update 3: Jim’s Blog linked – thank you!