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.

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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.

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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.

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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.

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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. …

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

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This reminds me of something I saw earlier.

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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!