US debt crosses record $19 tril­lion

The Pak Banker - - BUSINESS -

WASH­ING­TON: The United States of Amer­ica is now of­fi­cially a whop­ping $19 tril­lion in debt - that's T for tril­lion which trans­lates to nearly $19,000 bil­lion. Ac­cord­ing to the lat­est fig­ures re­leased by the US Trea­sury Depart­ment tech­ni­cally the US fed­eral govern­ment is in debt. Ac­cord­ing to the re­port, Pres­i­dent Obama took of­fice in 2009 with $10.6 tril­lion, adding up to $8 tril­lion dur­ing his two terms - tak­ing the na­tional debt to $19 tril­lion at a 'record pace'. The Con­gres­sional Bud­get Of­fice has said that this is likely to in­crease fur­ther. As of Fe­bru­ary 5, the to­tal fed­eral govern­ment debt stood at $19.01 tril­lion. Of this $13.7 tril­lion is debt held by the pub­lic and the rest is in­ter­nal govern­ment bor­row­ing, in­clud­ing the IOUs the govern­ment has left in the So­cial Se­cu­rity trust fun over the last three decades, WT fur­ther re­ported.

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