Total U.S. government debt eclipsed USD 16 trillion for the first time Friday (sep 2012).
The Treasury Department said total government debt hit USD 16,015,769,788,215.80 on Friday, up USD 25 billion from the day before.
The amount of federal debt subject to the borrowing limit is actually slightly less, as it doesn’t include several types of borrowing, and it stood at USD 15.977 trillion on Friday.
The government is projected to run a deficit of between USD 1.1 trillion and USD 1.2 trillion in the fiscal year that ends Sept. 30, meaning that spending will outpace tax revenue by that amount over 12 months.
Written by Ivar