It's another record-high for the U.S. National Debt which today topped the $12-trillion mark. Divided evenly among the U.S. population, it amounts to $38,974.34 for every man, woman and child.
Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07
This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year's record high.
Not to worry, Turbo Tax Tim Geithner has a plan.
The new debt number adds urgency to Treasury Department calls on Congress to quickly raise the statutory limit on the National Debt which now stands at $12.104 trillion. The debt ceiling was last raised in February as part of the $787 billion Recovery Act stimulus bill.
I can't figure out this last line. It's as if Obama is lying his ass off and expects to have a complacent media go along with it like a bunch of schmucks or if he is flat plain dumb.
Mr. Obama has said he hopes the health care plan pending in Congress will serve to curb the growth in the debt by reducing the amount government spends on health care
There is one way that will happen. Rationing of health care. Both the House and Senate versions of the bill are expanding entitlements, which will lead to greater costs, not less. It's almost as if Barack Obama is trying to make sex with the American people.
[All emphasis mine in the quotes]
Cross posted at The Richmond Liberty Alliance Blog.