National Debt Tops $16 Trillion as Dem Convention Begins

By Newsroom America Staff at 5 Sep 2012

(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.

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