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As of Feb. 7, our total national debt was $12,348,804,540,946.54 or $12.35 trillion which is larger than the economies of China, the United Kingdom and Australia combined.
The national debt is growing with the spending spree in Washington, D.C. According to the Congressional Budget Office and the Office of Management and Budget:
- Our national debt will grow an additional $9 trillion over the next decade, to more than $20 trillion.
- During that time, the United States will accumulate $2.5 billion in new debt each and every day.
- That's $1.72 million per minute, for the next ten years.
According to the Department of the Treasury the estimated population of the United States is 307,795,997 so each citizen's [man, woman and child] share of this debt is $40,146.02.
And all these calculations are before Congress tacks on trillions for health care, cap and trade, new federal stimulus programs, and other yet to be identified spending programs.
Part of the way President Obama plans to pay for his new round of spending is to eliminate the 2001 and 2003 Bush tax cuts families making more than $250,000 per year which impacts a ton of family-owned, small businesses which are the backbone of our economy and nation...
[All the wrong steps...]
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