On June 1, 2010, the federal deficit was a monstrous $13 trillion dollars. On December 31, 2010, the federal debt had grown to a staggering $14 trillion dollars. That’s the first time the federal deficit had grown to over $14 trillion, and it goes without saying that it’s the largest federal deficit ever. It took just seven months for the national debt to climb $1 trillion to $14 trillion dollars, and if Congress continues to delay on raising the Debt Ceiling, results could be a disaster for the United States. The current debt limit of the United States is $14.294 trillion bucks as signed into law by President Obama in February. According to the US Treasury, the national debt stood at $14,025,215,218,708.52 on Friday, December 31.
Fiscal-minded Senators have been threatening to block attempts to raise the federal deficit limit as a response to what they see as out-of-control federal spending. According to White House economic adviser Austan Goolsbee, this would be a bad idea as it would pretty much force the government to default on all its loans.
“That would be the first default in history caused purely by insanity,” said Goolsbee.
Tags: economics, the national debt, national debt, US national debt, US national debt up to trillion, trillion dollars, national debt up to trillion dollars, President Barack Obama, federal deficit, Austan Goolsbee, Debt Ceiling, US Treasury, debt, deficit spending, government budget
