(Newsroom America) -- The national debt topped $16 trillion as the Democratic National Convention, where President Obama will once again accept his party's nomination, began in Charlotte, N.C.
The U.S. Treasury said the total public outstanding debt is: $16,015,769,788,215.80. It is the first time ever that U.S. debt has topped the $16 trillion mark.
"Federal debt at the end of the current fiscal year will stand at $16.2 trillion—$6.2 trillion above where it was 4 years earlier," the Republican side of the Senate Budget Committee notes. "In the last 4 years, the debt increased by more than it did in the previous 17 years."
The committee went onto note that under Obama's budget projections, total debt will rise to more than $25 trillion in 10 years.
© 2012 Newsroom America.