Federal Borrowing Hurtles Past 100% Mark

I guess it’s a good thing they lifted that debt ceiling. The U.S. Treasury promptly borrowed $238 billion, to raise our total debt to more than 100% of our gross domestic product:

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium. …

The last time US debt topped the size of its annual economy was in 1947 just after World War II.

It certainly is a good thing the Democrats didn’t give in to the terrorists who think we’re borrowing too much money!


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