Federal Debt Grows by $1 Trillion for Fifth Straight Fiscal Year

By Newsroom America Staff at 24 Jul 2012

(Newsroom America) -- A report Wednesday made official what most in Washington knew already - that the federal government will post in excess of $1 trillion in new red ink by the end of the third quarter, marking the fifth straight fiscal year for trillion-dollar debts.

The latest figures come from the U.S. Treasury Department, CNSNews.com reported, noting that prior to 2008, the federal government had never increased its fiscal debt by $1 trillion a year.

The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the end of the business day on Sept. 30, 2011, the government's total debt was about $14.7 trillion. By June 29, the last business day of the third quarter of fiscal 2012, the debt had surpassed $15.8 trillion, an increase of more than $1 trillion.

In March, ABC News reported that the national debt had increased more under President Obama's then-38 months in office that in George W. Bush's entire eight-year presidency.

The debt rose $4.899 trillion during the two terms of the Bush presidency, the report said, adding that during the month the debt increased more than that under Obama.

The government is on pace to accumulate nearly $5.5 trillion in new debt under Obama by the November elections, according to debt trends tracked by the Treasury Department.

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